Grand Prix brings in over £5.9 million

They were endeavoring to work out the total costs associated with the event, and the return on that investment that it delivers.

The comprehensive analysis includes the direct costs required by the various Motorcycle clubs, it does not include the costs of Government salaries or anything that can also be attributed to the TT.

In 2010 the cost of the Grand Prix totaled £815,027, last year's figure isn't thought to be much more than that but hasn't yet been finalised.

It's thought that the event delivers a total spend on the Manx economy of £5.9 million.

The following is a run down from the D.O.E outlining where money was spent:

'The accounts for the 2011 event have yet to be finalised. However, the costs to date amount to £834,166 and it is not expected that these will increase significantly. In addition, the Department of Health (£182,247), the Department of Home Affairs (£27,483) and the Department of Infrastructure (£80,145) also have costs attributable to the MGP Festival. An additional £40,000 was spent, via a Treasury Marketing Initiatives Fund application, on advertising, trade shows, photography and press trips.

Using the data provided by the Isle of Man Treasury Survey ‘MGP Survey 2009’ which was undertaken in 2009, and based on an estimated 10% increase in visitors since the survey was undertaken, the event delivers a total spend of £5.9 million to the Isle of Man Economy with a payback to Treasury from additional spending generated tax revenues estimated by the Economic Affairs Division of the Treasury to be around £630,000. However, the further circulation of funds generated by the MGP within the economy are estimated to add approximately £125,000 to this figure.'