Money to come from lottery ticket sales
New funding is in place to try and attract high-profile sporting events to the Island.
The Island of Sport grant has been launched today by Isle of Man Sport.
It will be rolled out over the next two years and will be funded by duty from local sales of National Lottery tickets.
It will be used to assist organisers with transportation, accomodation and marketing costs for new events.
Isle of Man Sport is the body which helps fund Manx sportsmen and women to travel to events off-Island.