Max Power Posted October 19, 2016 Share Posted October 19, 2016 You don't borrow money in advance of a deal without it being signed. End of chat. They can state how they are going to meet the plan (i.e with debt funding) but you are not going to even have access to the money until the deal is signed and delivered. It's very simple really. If you think they would somehow have grounds for litigation or costs you are not aware of how business works. I guess we'll just have to see how it pans out then, won't we? The more pertinent fact is that we are looking to give a contract to promote the most well known motorcycle event on the planet to a company whose claim to fame is hosting a surfing and music festival in Cornwall. Yes, that is their speciality, organising music events and they see that as part of the plan to attract more people to the TT. Link to comment Share on other sites More sharing options...
notwell Posted October 19, 2016 Share Posted October 19, 2016 " guess we'll just have to see how it pans out then, won't we?" I can tell you - no debt funder has advanced debt on a whim or a promise. Either the deal was signed and ratified or it wasn't. I think you are making something out of nothing. Link to comment Share on other sites More sharing options...
Manx Bean Posted October 19, 2016 Share Posted October 19, 2016 Most well known motorcycle event on the planet?? No, it is not. And that is an issue for Skelly and Co. They are deluded enough to think it is!! Try World Superbikes...sorry, but the TT comes second to that in terms of income generation and annual global reach. Link to comment Share on other sites More sharing options...
Lxxx Posted October 19, 2016 Share Posted October 19, 2016 Most well known motorcycle event on the planet?? No, it is not. And that is an issue for Skelly and Co. They are deluded enough to think it is!! Try World Superbikes...sorry, but the TT comes second to that in terms of income generation and annual global reach. World Superbikes is a series, a multi-location championship. This is a historic annual event which doesn't just incorporate the racing. They are quite distinct. Link to comment Share on other sites More sharing options...
Kopek Posted October 19, 2016 Share Posted October 19, 2016 Daytona Speed Week, half a million visitors! Link to comment Share on other sites More sharing options...
notwell Posted October 19, 2016 Share Posted October 19, 2016 Most well known motorcycle event on the planet?? No, it is not. And that is an issue for Skelly and Co. They are deluded enough to think it is!! Try World Superbikes...sorry, but the TT comes second to that in terms of income generation and annual global reach. World Superbikes is a series, a multi-location championship. This is a historic annual event which doesn't just incorporate the racing. They are quite distinct. To be fair World Superbike is a poor man's moto gp anyway. Link to comment Share on other sites More sharing options...
joebean Posted October 19, 2016 Share Posted October 19, 2016 There are many people like Max Power who profess to be TT enthusiasts (but probably more MGP) who are willing this to fail before it has begun. To support this wish they make up "facts" that are mere supposition and demonstrate no understanding of how the events business runs. As far as the financial position of V9 goes, they point to the number of different companies that have been set up under the V9 name which have been subsequently liquidated as this proves that the company is not financially sound and the Directors are not to be trusted. In doing so they demonstrate that they do not understand that an events company, such as V9, will set up separate companies for each of their promotions (as they will no doubt do with the the TT), inject sufficient funding into that company to promote the event and deal with up front costs and accumulate profit within the company. When their interest in a promotion ends they will wind up the company set up for that particular purpose. This would probably be the same for any promoter who took on the TT. It suggests nothing at all about the Directors or the financial viability of the company. It would be hugely surprising that DED would be allowed to appoint V9 without Treasury being satisfied with the due diligence checks. Personally I would fear for the TT if it were left in the hands of Government at a time when the event will need continued investment to keep its growth going and when Government is quibbling about having the funds to pay for life prolonging treatment for its own young citizens. In summary, ignore Max Power's mumblings on this subject. He does not know what he is talking about. Link to comment Share on other sites More sharing options...
ManxTaxPayer Posted October 19, 2016 Author Share Posted October 19, 2016 It would be hugely surprising that DED would be allowed to appoint V9 without Treasury being satisfied with the due diligence checks. After the Signature debacle nothing would be hugely surprising. Link to comment Share on other sites More sharing options...
Max Power Posted October 19, 2016 Share Posted October 19, 2016 There are many people like Max Power who profess to be TT enthusiasts (but probably more MGP) who are willing this to fail before it has begun. To support this wish they make up "facts" that are mere supposition and demonstrate no understanding of how the events business runs. As far as the financial position of V9 goes, they point to the number of different companies that have been set up under the V9 name which have been subsequently liquidated as this proves that the company is not financially sound and the Directors are not to be trusted. In doing so they demonstrate that they do not understand that an events company, such as V9, will set up separate companies for each of their promotions (as they will no doubt do with the the TT), inject sufficient funding into that company to promote the event and deal with up front costs and accumulate profit within the company. When their interest in a promotion ends they will wind up the company set up for that particular purpose. This would probably be the same for any promoter who took on the TT. It suggests nothing at all about the Directors or the financial viability of the company. It would be hugely surprising that DED would be allowed to appoint V9 without Treasury being satisfied with the due diligence checks. Personally I would fear for the TT if it were left in the hands of Government at a time when the event will need continued investment to keep its growth going and when Government is quibbling about having the funds to pay for life prolonging treatment for its own young citizens. In summary, ignore Max Power's mumblings on this subject. He does not know what he is talking about. Fair enough. I just would have preferred someone who has a motorsport background as the promoter, and whilst not knowing much about music promotion I do know a little about what has gone on here. ETA, Just for the record, I have no wish to see the V9 deal fail, I sincerely wish them well should everything be sorted out. I am concerned that in their enthusiasm for accepting V9's proposals, our government have been a bit naive and V9 have perhaps misunderstood what makes the TT tick? Any failure will have a negative impact on the TT and motorcycle racing on the island in general. Perhaps government are tasking V9 with more than just improving footfall at the TT and FOM, in which case I can see the point? I really would like to think that looking for punters from outside the motorcycling community to generate new supporters will work, increasing sailing capacity and the benefits which that can bring the island. I think V9 are a professional organisation who are not averse to making economic decisions, which is what is needed. I think they got the contract more by telling government what they wanted to hear, in the hope that the contract issues could be sorted out later rather than prior to being announced as the successful bidder. In summary, my mumblings are not without at least a small amount of knowledge of what has been going on. Link to comment Share on other sites More sharing options...
joebean Posted October 20, 2016 Share Posted October 20, 2016 Max Power, V9 may not have a motorsport background but I don't think that matters. From what I have read they are contracting ACUE to run the race, as they do now so they will have the experience of the current, excellent Clerk of the Course. They also appear to be taking on some of the existing promoter team from DED, who will, I assume understand exactly what makes the TT tick. The projections or targets for increased numbers are interesting and I suspect that some changes to the current format and programme will be needed over the course of the contract to spread the racing across the 2 weeks rather than having the current visitor spike in the middle weekend. I would guess that some interesting times lay ahead and quite a few challenges too. I wish everyone involved the best of luck with it. Link to comment Share on other sites More sharing options...
JackCarter Posted October 20, 2016 Share Posted October 20, 2016 Daytona Speed Week, half a million visitors! It's in Daytona. It can accommodate 500,000 visitors. We can't and won't even ever be able to accommodate even 100,000. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted October 20, 2016 Share Posted October 20, 2016 It will go south, and we all know it will. We have not the infrastructure - accomodation or ferry capacity, medical staff etc. etc. It's wishy washy 'thought economics'. Pie in the fookin sky. A six year old kid can even work it out. You can't fit two gallons of water into a one gallon bucket. Link to comment Share on other sites More sharing options...
Lxxx Posted October 21, 2016 Share Posted October 21, 2016 It will go south, and we all know it will. We have not the infrastructure - accomodation or ferry capacity, medical staff etc. etc. It's wishy washy 'thought economics'. Pie in the fookin sky. A six year old kid can even work it out. You can't fit two gallons of water into a one gallon bucket. Pretty much summed up in four sentences. Link to comment Share on other sites More sharing options...
ManxTaxPayer Posted October 21, 2016 Author Share Posted October 21, 2016 It will go south, and we all know it will. We have not the infrastructure - accomodation or ferry capacity, medical staff etc. etc. It's wishy washy 'thought economics'. Pie in the fookin sky. A six year old kid can even work it out. You can't fit two gallons of water into a one gallon bucket. Pretty much summed up in four sentences. Which four? Link to comment Share on other sites More sharing options...
Dhoon Boy Posted November 22, 2016 Share Posted November 22, 2016 TT taken off the Vision Nine Website http://www.visionninehq.com/our-events/ Link to comment Share on other sites More sharing options...
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