Former tourism minister David Cretney says he backed the failed deal with would-be TT promoter Vision nine because he feared the event's audience was growing older.
Mr Cretney, who was also a member of the Department of Economic Development with responsibility for motorsport, was giving evidence to a Tynwald committee investigating the deal.
He admitted better communication within government might have saved the deal, which collapsed after some departments raised concerns over potential problems.
But he told the Economic Policy Review Committee he still believed the deal would have benefitted the Island:
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