THE ISLE OF MAN TT's longest existing sponsor, the life assurance and pensions company Royal London 360, has confirmed its continued sponsorship of the Superstock TT for the next three years (2012-2014).
The three-year commitment, valued by Frontiers in the low to mid-six figures, replaces a series of two to three year deals struck by the company with the Isle of Man TT since 2002.
It also reflects the growth of the motor cycling road race in terms of both visitor numbers and increased revenues from commercial sponsors over the last five years.
Frontloaded has learnt that the two-week event, which is owned, underwritten and promoted by the Isle of Man government, brings in around £1.5 million from 13 sponsorship partners as well as licensing and corporate hospitality opportunities – around half the cost of organising the event.
Headline sponsor, the energy drink brand Monster is the biggest single contributor, while the corporate hospitality packages bring in more than £75,000 per day on the four major race days.
This is a massive step up from just five years ago when there was virtually no commercial income whatsoever.
Although Royal London 360’s involvement in the nine-race event began in 2002 thanks to the involvement of finance director, Mike Crellin, as a racer in the TT, the commercial rationale for the sponsorship has increased over time.
The company promotes the event in the international jurisdictions in which it operates, flying a large number of associated IFA’s to the island for the Isle of Man of TT every year from countries including China, Taiwan, Malaysia, the United Arab Emirates, Spain, Switzerland and Jamaica.
International awareness also forms part of the deal’s objectives, with the event being seen by a worldwide audience of 16 million in 2011, up from eight million in 2010.
This global appeal could ramp up further if plans to launch an Isle of Man TT World Xeries come to fruition. Last month, the Isle of Man’s Department of Economic Development appointed London-based The Sports Consultancy to conduct a feasibility study into the formation of an Isle of Man TT World Series.
The Sports Consultancy won a competitive tender for the project that the agency will deliver with the support of partner agency Capita Symonds, who will work on the technical aspect of the study. The work is to be completed by the end of March with an announcement on the study due at the 2012 TT Races in April.