The Department of Economic Development has issued the latest comprehensive review of the Manx Grand Prix.

Reports have confirmed that the fresh review is detailing about the event's costs, benefits and potential for future development. The review has been suggested to start with immediate effect and is due to be completed by April.

The project will be persuaded under the guidance of Mr. Colin Kniveton, the Chief Executive of the department, who has been given the responsibility to oversee the project, Mr. Heather Smallwood, the department's Head of Marketing, who will be leading the project, and Ms. Sheila Lowe, the Director of Finance and Development.

Commenting regarding the project, Mr. Kniveton highlighted about the huge funds that the Manx Grand Prix Festival would be in any case requiring and also the increasing costs that are unfortunately rising higher year-on-year.

"It is the department's policy to ensure that all government funded events are producing a reasonable return on the taxpayer's money invested in them particularly at this time of increasing pressure on spending on public services", he said.

He further explained the heavy responsibility that his department is sharing to maximize the potential of all the events that the Island hosts be it in terms of generating visitors, obtaining media coverage, gaining stand-alone revenue or safeguarding long-term viability of the project. Also, he talked about the efforts to be put in the project to ensure that all the major events make most of the benefits to the Isle of Man.

To make the event a big hit, the Department of Economic Development has planned that its review team will be consulting with the organizing clubs, marshals and other relevant parties of the event through focus groups and questionnaires to discuss all the important matters about the 2012 Manx Grand Prix Festival that will run from August 18 to September 2.