Failed plans for a TT World Series have ended up costing taxpayers an additional £82,000.

Originally the Department of Economic Development claimed it had splurged over £250,000 on research to see whether or not the idea was feasible.

However in Tynwald yesterday Minister Laurence Skelly revealed that the final figure was actually £332,000.

 Mr Skelly conceded that it's as a result of cost overlap.

More to follow: 

Skelly suggests idea could be on a smaller scale

After shelving the TT World Series - and spending £332,000 exploring the idea - the Department of Economic Development says the idea could be back on the agenda soon.

This week in Tynwald, Minister Laurence Skelly revealed the project's total costs and said nearly 30 bodies have expressed interests in becoming the TT and Classic TT promoter.

But after saying the World Series plans were "shelved" temporarily rather than abandoned altogether, how long could it be before it's explored again?

Mr Skelly says the idea may be resurrected by the next government:

Hear what he has to say - HERE