£124m deal subject to Tynwald approval
It's been confirmed the government has reached an agreement to buy the Isle of Man Steam Packet Company.
Chief Minister Howard Quayle has described the potential £124m deal as a 'once-in-a-generation opportunity'.
The government will not take charge of the day to day running of the services.
Members were called to an emergency meeting on Tuesday (8 May) where they were briefed on the deal, and any agreement is subject to Tynwald approval.
A motion, tabled for the May sitting of Tynwald, is seeking the support for the government to commit to a 100 per cent takeover of MIOM Ltd - the parent company of the Isle of Man Steam Packet Company.
If successful with the motion, Mr Quayle's top team would then be tasked with putting in place a new strategic sea services agreement over a 12-month period.
Treasury Minister Alfred Cannan has explained the motive behind the move: