The Changing Face of the Powerboat P1 World Championship
Racers and Fans,
As often happens in this sport, speculation and rumors tend to dominate the communications channels, so I believe that it is important to give you as much information as possible from the source.
Today the Powerboat P1 World Championship held a meeting with the European teams outlining a restructuring of the business and the championship platform for the 2010 season in Europe. The meeting detailed changes to the event schedule for the season, and laid out a direction for the future growth of the sport.
Asif Rangoonwala, Chairman of Powerboat P1 Management, arranged the meeting and flew in the teams for what was described as a Teams “Extraordinary” Meeting. Eighteen race team members were present in London for the announcement, and the subsequent discussion session. There they learned the details and reasoning for the re-direction of resources, stemming largely from internal and external economic circumstances. Rangoonwala cited issues with the general economic climate worldwide, event promoter contractual commitments, and the commitments of some teams.
“I am fully committed to continuing the development and growth of the sport, but we need to take a step back before we can take a leap forward,” said Rangoonwala. “We have made an investment of over €30m over the past 7 years, with an additional investment of over €2.2m this year alone. We need a new strategy, and to build the foundation of the business so that it is sustainable with long term stability.”
A key element of that direction and strategy moving forward is the expansion into the North American market, where there are greater commercial and racing opportunities
The simple fact is, the USA and European markets are substantially different, particularly in the marine industry. Europe, a year behind the US, is now experiencing what the US did in 2009. The US also has a great advantage as we have the venues, the racers and the fan base.
The technology of the US manufacturers has revolutionized the sport, and is proven by the competition in both classes for the past several years. Donzi, Outerlimits, Fountain, Cigarette…they are indeed dominant in the sport and have seen their numbers in European sales grow as a result. The US changed the face of European racing and European racing impressed the Americans involved.
From a practical point of view, there are far more offshore racers, fans, and marine manufacturers in the USA, and that makes the Powerboat P1 race model a viable and sustainable platform. That is especially true when the additional Powerboat P1 principles of parity and competition rulesare incorporated.
Powerboat P1 Management will continue to invest in the growth and development of powerboat racing in Europe, and is projected to invest significantly in the USA this year; working toward the plans that we have discussed with teams and organizations for 2011 and beyond.
Powerboat P1 USA will continue to work with teams and organizations to expand the Powerboat P1 race platform, focusing on limited classes, professional teams, and an event format that is world class in nature. It will also work to incorporate the other platforms outlined in the statement provided by Rangoonwala, including SuperStock and Aquabike, providing event producers and organizations opportunities to benefit from multiple disciplines and an ocean-friendly festival format over multiple days.
We look forward to a great season of racing with the SVL class, and hope to be able to incorporate a similar contingency prize program for the twin engine boats as well.
As Asif said in his announcement, “…Powerboat P1 remains fully committed to the Championship.” His statement is supported by the fact that no one in the recent or distant past has ever invested as much in this sport.
Powerboat P1 has a huge stake in the future success of Powerboat racing, and it is going to protect that investment by directing resources where they can have the maximum impact. They are making decisions that have long-term business implications with specific strategic objectives. This is great news for US teams and fans since the US market and direction is pivotal to the overall business objectives.
Don’t let the European announcement dissolution you or dampen your enthusiasm for racing! The Powerboat P1 community is pulling together to address pressing business issues overseas but continues its confidence in the overall sport, the North American market and racers.
I encourage you to read the announcement from Powerboat P1
www.powerboatp1.com, and watch for future updates. We will keep you in the loop and look forward to your continued involvement.
Martin Sanborn
Director, North American Operations
:ack2:
this is not so ,,they are putting out a press release ,to explain their plans,,
