Potentially.... Very little or none at all.
This is a Motorcycle race, that is run once a year, through tight, twisting English Country Roads, with stone walls on one side, houses on the other and in some cases sheer cliff drops as well - with competitors on 1,000 CC Superbikes going at some cases over 200 MPH, with an average speed around the course of just over 130 MPH.
On average every year that it is run, someone dies.
Here is an Onboard view of the Lap - which really gives an idea of the Speed and Lunacy of the TT
And yet, it still runs. Not only that - every time someone says 'Should we do something to make the TT safer' - there is spirited and passionate debate about why it shouldn't be.
I happen to be in the latter camp - I see the TT as akin to climbing Mount Everest - No one is forcing the riders to ride - the type of person that wants to ride the TT would do so without any prize money or fame or recognition solely for the thrill of challenging oneself against a potentially deadly event and seeing if you are skilled enough to come out the other side alive
So long as the Colonists maintain jurisdictional independence (Isle of Man has such independence) then, even in the modern bubble-wrapped age, there are still deadly sporting events happening today - and therefore there is no reason why it would require Regulation - it only requires the group of people running it to have a backbone and say 'Piss off, we aren't changing shit'