The Raven at Ballaugh is due to close this coming week, so I hear, but depite rumours running around, it isn't clear if it will stay closed or what will happen to it.

surely not, and hope not,havent wee already lost quarter bridge hotel, one of the many landmarks of te TT course

As a friend of Steve and Maureen who have run The Raven for some years now, I can confirm that the pub is closing, after trading this Sunday night in fact.
The building is in need of extensive renovation and the brewery have been forced to close it.
As yet, I don't know what their future plans are for the Pub.