The chances of an IOM-LCY are absolutely none. This would be treading on the toes of the Flybe deal to take the 146 operation that already sits on the Island. If they did try it, they would put Euromanx out of business in very short order.
As Euromanx only exist because they owe the RBS so much money they need to pay it back (at least £40mill so far), they need to stay profitable on the LYC route to survive. BA Citiflyer also exist because of a huge contract with the RBS on the EDN-LCY route, and the RBS call the tune. So go figure. Would RBS sanction an IOM rotation and jeapodise their £40mill investment? Don't think so.