Plans for a TT World Series have been put on hold with the Manx Government opting to focus on continuing to grow the Isle of Man TT and Classic TT races.
Described as a 'high risk' idea by Economic Development Minister Laurence Skelly MHK, £190,000 was paid to The Sports Consultancy to explore the feasibility of the proposal.
However, a company is still being sought as a 'promoter partner' for the Isle of Man TT and Classic TT before the start of the TT next May.
In a statement released by the Department of Infrastructure on Friday, Mr Skelly said: '[The TT World Series] has always been a relative high risk idea – indeed, some people have voiced concerns that the series might fail or might dilute focus on the Isle of Man events, either of which could harm the TT and the island's economy.
'My department therefore considered very carefully the bids to see whether we could be confident we could deliver the proposed TT series while managing the risks.
'If we were a private business, then I think we may have been prepared to take the risks associated in pursuit of the substantial benefits offered in at least one of the bids.
'However, government must be mindful of the importance of the TT to many other stakeholders including local businesses, so my department has applied a higher threshold of risk than say a private organisation would apply,' the statement added.
'We have therefore decided that the best way forward is to focus on growing the home events and making them more appealing.
'In a few years we can then reconsider the TT series idea with a stronger proposition to take the global motorsport market.'