It isn't the clearest of statements. My reading of it is:

1. The IoM government paid £4.1m towards the TT and FoM (2.6 + 1.5)
2. Direct income (to the government/TT/FoM) as a result was £2.7m (sponsorship, etc?)
3. The direct "loss" was therefore £1.4m (4.1 - 2.7)
4. The wider Manx economy gained £28m as a result of the two events.
5. Overall the government spent £1.4m to bring £28m into the Manx economy.