Motorsport events cost more than £950,000 a year

The Island's two main motorsport events cost the government more than £950,000 a year according to a new report.

The Economic Affairs Unit of the Cabinet Office is looking into the costs and benefits of the TT and Festival of Motorcycling.

It's now published the first part of its investigation, which found the government earns more than £600,000 from the TT but loses more than £830,000 on the Festival of Motorcycling.

And when shared costs are taken into account, both events cost just over £950,000.