Is the Manx Grand Prix worth £800,000 subsidy?

A major economic review of the Manx Grand Prix starts this month to assess if the event pays its way.

Department of Economic Development boss Colin Kniveton is overseeing the team which will look at all aspects of the event before reporting back in April.

Mr Kniveton said there was no agenda to axe the event but rather to capitalise on its potential.

"We want to ensure that where we invest money in a sector of the economy we can satisfy ourselves that we are getting a positive return on our investment," he said.

"We want to know that we are optimising it and that no opportunities to increase our return are being missed."

Mr Kniveton said he estimated the government subsidy for the MGP to be around £800,000. In a climate of economic constraint it was appropriate to consider whether money was being used most effectively.

"That's not to cast aspersions on the fantastic work done through the motorsport fraternity," he added.

"But other than the TT it is the biggest event the department sponsors, so we need to make sure it is moving in the right direction and whether we can enhance that return on taxpayers' money.

"These things have to be economically viable," he said.

Asked if the festival faced the chop if it proved to be loss-making, he said: "We would put forward options to return it to the black. Obviously, such a decision would be political, as officers, we simply supply the data.

"I would be very loathe to discontinue the event without giving it a real go. We genuinely believe that there is untapped potential."



The full article is published in the Isle of Man Examinar in shops Tuesday.
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