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In 2010, Powerboat P1 changed its overall strategy with the aim of building the sport of powerboating from the bottom

up rather than the top down by signifi cantly reducing the cost of racing, bringing its spectators closer to the action and expanding its championships to far-fl ung corners of the world.

Explaining the systematic changes to Powerboat P1’s business model that have driven the organisation into a position of strength are new chief executive James Durbin and chief operating offi cer Robert Wicks – the men at the helm of a marine motorsports platform that appears to be going places fast.

“Robert and I work hand in hand,” says Durbin, who presides over the role formerly occupied by Powerboat P1 chairman Asif Rangoonwala. “I look after the commercial side of the business and Robert looks after the sporting and

operations side, ensuring that all of our championships are successful.

“I think the major change since we last spoke [in November 2010] is that we’ve taken control of all the commercial properties – from production of the boats right through to the podiums – and in so doing have created credibility and value across all stakeholders in the sport, including sponsors, television broadcasters, spectators and teams. Historically our business was events and events only,” Durbin continues. “We are now a manufacturing company, franchising company and we’re a marine motorsports platform.” Testament to this are the commercial deals achieved in the last two years at P1, including a three-year agreement with BRP, Canadian builders of the Evinrude engine, which is valued at more than UK£1m, and sponsorship from signifi cant consumer brands outside the marine sector, such

as Typhoo tea, Pickfords, and Edox, the Swiss watch manufacturer.

While Durbin initially joined Powerboat P1 as a consultant just over two years ago, Wicks has been with the business since 2007 and as such is well placed to describe the sea change that has opened up powerboating to more competitors, audiences and host locations.

In late 2010, in a bid to move away from the “chequebook racing” culture of motorsport that had seen costs escalate coupled with the challenges of multiple classes of racing, Powerboat P1 announced the introduction of the single-design P1 Superstock series and in doing so commissioned the construction of a smaller, less powerful but more affordable boat – the P1 Panther.

“The new boat and reduction in entry costs have signifi cantly broadened the participation base,” says Wicks, who goes on to explain that the cost for two-man

Two years after refocusing its business – and with two thriving P1 Superstock series now operating in the UK and US, and a UAE series launching in November as part of its global expansion – Powerboat P1 is delivering on its promises and building a commercially viable and credible global marine motorsports platform.

P1: creating new waves

JAMES DURBIN, CEO“We have added signifi cant value and credibility to P1 over the last two years through a deliberate and strategic refocus. This value is being realised by all stakeholders from sponsors to investors to teams.

“Integrity is at the heart of our racing – this is racing the way it was meant to be.”

COMPANY PROFILE

Inset: Powerboat P1 has run its AquaX series in the UK for the past two years and will launch it in the US next year

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teams to go racing is down to ten per cent of that of the old business model. “It’s really making a step-change in the way powerboat racing is promoted and developed and with a long-term licence in place we have the full support of the sport’s governing body, the UIM [Union Internationale Motonautique].”

Indeed, with a fl eet of almost 30 P1 Panther boats – ten of which are making their way to the UAE as part of a new national Superstock series to be launched in November – P1 now boasts the largest one-design fl eet anywhere in the world. “If you were to put all of those boats together for a single event it would be very signifi cant,” Wicks says.

As it happens, the launch of such a large-scale event is one of the overriding goals of the organisation. “In 2013 we want to have fi ve national series racing,” Durbin explains. “We are looking to add to the UK, USA and UAE in 2013 and we have achieved a signed memorandum of understanding for China and a joint venture in India, both set to be racing next year. We are in advanced discussions to race in Brazil and there are also negotiations in other territories including the Americas, Europe, Asia and Middle East to launch in 2014 and 2015.

“With the tangible success already achieved, launching in India, Brazil and China would provide signifi cant value for P1 as a global business.

“Our aim is to have a minimum of ten national championships racing by 2015, at which point we will launch the world’s fi rst credible world championship for powerboat racing, a world championship that has a logical qualifying progression and true international appeal with value to sponsors, spectators and television networks. From a commercial perspective, the global series provides a unique sponsorship platform from local engagement at a national event through to a global presence in the world’s largest and emerging economies.

“Longer term, we want to bring more products to our marine platform to complement Superstock. We have already launched P1 AquaX in the UK and will roll this out in UAE and USA in the next six months,” Durbin adds with regards to P1’s market-driven jetski championship, which has run alongside Superstock UK for the past two years. “Our 2020 vision is to have 40 national championships with multiple racing products within each series all coming together for a signifi cant world championship. Not only will

this provide a great sporting spectacle but it will also provide the marine industry with a much-needed marketing, research and development platform, something that we as a business believe is absolutely necessary given the reliance of marine activity for world trade and the poor environmental standards in the shipping industry.”

It is an ambitious target. However, having set their stall out two years ago and delivered on their word in emphatic style, for the experienced management team of Durbin and Wicks, launching a biennial world championship which draws competitors from 40 national series in just eight years’ time does not appear improbable.

“It’s a very exciting time for P1,” says Durbin. “There is no one else in our marketplace creating a world series with such integrity and parity at its heart. We believe P1 has evolved into a genuine motorsport and we’re well on the way to creating a true global sports property.”

To contact Powerboat P1call: +44 20 7170 4250visit: www.powerboatp1.comor: www.p1superstock.comor: www.p1aquax.com

ROBERT WICKS, COO“By challenging the very nature of the sport, we have created a series based on parity and accessibility. This change will benefi t the wider sport and our business both now and in the future.”

A � eet of P1 Panthers in the US Superstock series, which Powerboat P1 wants to replicate

in countries worldwide