London-based promoter Powerboat P1 Management is planning to develop a powerboat championship set in the Middle East and is looking at Lebanon, among other countries, to produce the event:
Plans to stage a power boat series in the UAE, dubbed ‘the Grand Prix of the Sea’, have been put back until spring next year due to organisational delays, but the event’s British promoters revealed they are still aiming to expand the series to other parts of the Middle East.
London-based promoter Powerboat P1 Management earlier this year signed up a UAE financier to invest around US$2.5m to host the power boat racing series, but talks with local regulators and bodies has meant the original starting date in November has had to be amended.
The firm said it was also in negotiations with other Middle East states as part of its aim to establish at least 12 national series around the world, which will culminate in a world series in 2015.
“There will be potential for further investment in the wider Middle East region in Qatar, Lebanon and Oman. We are potentially looking at doing an exhibition race in Oman in 2013,” James Durbin, commercial director of Powerboat P1 Management said.
Sponsoring the Event
In case you are interested, here are the cost details:
The basic amount needed to host a series is €1.5m (US$1.9m) and as part of a franchise-style deal backers get ownership of ten racing boats. Additional revenue can be generated by host countries through spin-off advertising, sponsorship and TV and media opportunities.
Teams can take two different routes to apply for the series: they can buy a boat outright for US$125,000 and seek their own sponsor, or they can rent a boat for US$10,000 and organizers will source a sponsor for them to race under.
[notice]I’ve finally decided to drop FeedBurner after running into numerous issues with the service over the past few months. For those of you who read this blog via RSS, please point your feed reader to http://www.jadaoun.com/blog/feed/. Sorry for the inconvenience.[/notice]