However after a week of negative reaction to the idea, the Isle of Man TT co-ordinating committee, chaired by Tourism Minister Martyn Quayle, announced a U-turn on Friday.

BBC: TT marshals needed for 2009 event

The prize foundation has one part-time employee running its website and co-ordinating the work of the selection committee.

ECONOMIST: The physics Nobel gets a well-endowed rival

Without it the town of Porthmadog would not exist today, said Sioned Roberts from the Cob 200 committee, which has been co-ordinating the celebrations.

BBC: Porthmadog marks the 200th anniversary of its 'Cob'