The Manx Educational Foundation has six months to secure the money needed to purchase the Nunnery from government.
If the purchase is made the current university centre will become the International Centre for Technology, taking in students from around the world.
Throughout the next six months the Council of Minister has committed to not entering into discussions with any other buyers.
If successful the MEF will then spend millions of pounds developing the site.
Executive director of the charity Kurt Roosen says they have their work cut out:
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