LONDON – London-based Powerboat P1 Management Ltd. plans to export its powerboat racing series to the United States with the formation of a North American subsidiary, Powerboat P1 USA, it reported in a recent statement.
“The United States market is critical to any multi-national company involved in motorsports marketing,” said Asif Rangoonwala, chairman of Powerboat P1. “We view participation in the USA as an essential element in our growth as a World Championship and as a business.”
Powerboat P1 has spent the last two years in the U.S. market developing awareness of the opportunities and format provided by Powerboat P1, it said. Series organizers have also been researching possible racing venues to add to the Powerboat P1 World Championship, which has held events on three continents, all sanctioned by the international governing body, the Union Internationiale Motonautique (UIM).
The Powerboat P1 USA events will build on the “power to weight ratio” format that has been utilized throughout the European series. Initial plans for the P1 USA series include three v-bottom classes, according to the company. Powerboat P1 USA would then represent a sub-set of other existing classes offered within the APBA offshore category, focusing on a limited number of classes for the Powerboat P1 USA Continental Championship.
The initial two-year plan includes intentions to work with the existing organizations in 2010 to more fully develop its regional races, laying the groundwork for joint productions of key race events in 2011, it reported. Powerboat P1 USA will also work on a marketing and promotional campaign.
“With strong regional organizations running their local series and hosting specific P1 USA series events, there’s an opportunity for a genuine unification of the sport here that the vast majority of the racers support,” said Powerboat P1 USA Director of North American Operations, Martin Sanborn. “APBA has been the backbone of powerboating in the US for over 100 years, and it represents the credibility and consistency that offshore powerboat racing needs to finally bring the sport together with common purpose and internationally-compatible rules.”