Government still paying for TT sponsorship

Wed, 21 Nov 2012

The Department of Economic Development is still paying out for a costly TT sponsorship deal.

That’s according to Minister John Shimmin who was quizzed on the department’s engagement with Signature Sponsorship Ltd yesterday.

It follows an investigation earlier this month which found that no contract for the lucrative £1.6 million deal had ever been signed - despite Signature being paid £70,000 per year plus £15,000 in expenses and 22.5 per cent commission.

Mr Shimmin told Tynwald his department has a temporary contractual obligation to pay commission which has been inherited following the government restructure in 2010.

He confirmed that this would come to an end after the income has been received from next year’s TT Races.