It’s thought the loss of the TT is costing Douglas Borough Council upwards of £100,000.
The event was cancelled this year and government announced earlier this month the 2021 races have also been called off.
Council Leader David Christian says that decision didn’t come as a surprise.
He told Local Democracy Reporter Chris Cave the focus should now be on finding alternative ways of boosting the economy.
Hospice UK head calls Island cuts "cack-handed" ministerial muddle
The head of Hospice UK says cutbacks at the Island's Braddan facility have exposed what he calls a "cack-handed muddle from the Council of Ministers".
Bus drivers voting on "final offer" from government
A final, eighth offer has been made by the government to bus drivers in an attempt to resolve ongoing industrial action.
Vampire show featuring Manx ferry cancelled
Manx vampire fans will be disappointed this week - after a show featuring the Ben my Chree in its season-ending cliffhanger was cancelled.
Did chief minister's message spark fuel panic-buying?
An MHK has criticised the government's messaging over this week's fuel panic.
Joe Locke lands purr-fect new role!
Manx actor Joe Locke will be starring alongside some of the biggest names in Hollywood in a new animated TV comedy.
Steam Packet fuel surcharge isn't about profit, says chief minister
Chief Minister Alf Cannan says the Steam Packet's fuel surcharges aren't designed to generate profits.
Ferry crossing delayed by half an hour
The Steam Packet Company says one of its sailings will be delayed this morning.
Paw-some rescue effort after Milo gets trapped in ravine
Firefighters went to the rescue yesterday after a dog got trapped in a ravine.
