The Isle of Man TT could be promoted globally as the 'blue riband' event of an all-new road racing world championship that is currently under consideration, it has been confirmed.

A feasibility study is underway to determine whether events could be held internationally as part of a global race series as early as 2014, extending the TT brand around the world.

Commercial rights holders have confirmed that a consultation exercise will begin to determine whether an international TT race series could also help promote the Isle of Man globally.

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"The move is part of the plans to develop the TT brand internationally and promote the Isle of Man," read a short statement.

"The TT Races, which have been held on the Isle of Man since 1907, is a significant contributor to the positive national identity of the Isle of Man internationally and it is also the Island's most recognised brand."

"The Department funds the TT Races to drive economic development on the Isle of Man to generate tourism and commercial income and to provide a sports-based platform for Isle of Man-based companies to make business contacts, as well as profiling the benefits of businesses incorporating on the Isle of Man."

"The intention is to build a platform that will increase the return on investment for the Isle of Man Government in the TT Races brand through sponsorship, television, licensing and hospitality, generate revenue-earning opportunities for the competitors and teams who take part, and to provide economic and commercial benefits for the destinations and other commercial partners who host rounds."

Coming four years after the renowned road racing event celebrated its centenary, the Isle of Man TT now regularly attracts huge numbers of visitors to witness a combination of riders - from internationally-recognised to local - tackle the Mountain Course.

Events could be held as far afield as the United States and Asia, with the Isle of Man TT event hosting the final round.

"We are in the early stages of a consultation process and would welcome approaches from potential partners who are interested in the venture," added economic development minister Allan Bell.

"The TT Races, as one of the world's oldest and most prestigious sporting events, has incredible heritage and attracts interest worldwide from fans."

"We want to develop and grow this global audience for the benefit both of the event and the Isle of Man."