Its been shelved as per MCNs Simon Patterson, also quotes from Laurence Skelly.

“It’s really looking at the potential dilution of the current event. We’ve had excellent growth over the past years, but we believe that there’s still more to come from the local events. Therefore, we need to ensure that, and take care of the local economy, before we look at the World Series and build on that.”

However, the other element of the plans, which will see the organisation of the event handed over to a private firm in return for a licencing fee, instead of the Manx Government running it internally, are apparently still underway, with a new promoter set to be announced ahead of the 2016 event, which gets underway in May.

Also up on http://www.three.fm/news/isle-of-man-new...s-shelved/

Good news IMHO.