IHRA acquires Powerboat P1

The International Hot Rod Association has acquired Powerboat P1 USA/P1 Offshore in a calculated move to consolidate American offshore racing under fresh leadership, whilst maintaining dialogue with Race World Offshore (RWO) towards potential unification ahead of the 2026 season.

The acquisition, announced yesterday by IHRA owner Darryl Cuttell, arrives just seven days after the drag racing organisation confirmed a $250,000 purse for next month’s Key West World Championships and a $1 million purse for its inaugural 2026 national championship series.

“This acquisition represents a new era of leadership and vision for IHRA. We are committed to elevating the sport of powerboat racing through innovation, unity, and global reach.”

Cuttell, who purchased the Ohio-based IHRA in late 2024, made headlines in August when his turbine-powered Darana Hybrid Mystic catamaran reached 242 mph at the Lake of the Ozarks Shootout. The 51-foot catamaran, formerly known as Spirit of Qatar, had posted the fastest-ever Shootout speed in 2014 at 244 mph.

Miller and Scism Join Board

The IHRA has appointed M CON Racing team owner Tyler Miller and Marine Technology Inc. founder Randy Scism to its board of directors, securing two of offshore racing’s most influential figures. Miller campaigns one of the sport’s premier Class 1 operations, whilst Scism’s MTI has built championship-winning boats for decades.

The appointments signal IHRA’s intent to build credibility within a community that has endured years of political upheaval and fractured governance.

Powerboat P1 USA/P1 Offshore, operated by Azam Rangoonwala since the organisation’s American expansion in 2017, staged three double-header events during its 2025 Monster Energy Triple Crown series. The UK-based parent organisation has promoted offshore racing internationally since the early 2000s.

“IHRA’s leadership brings new energy and scale to powerboat racing. Their commitment to professionalism and growth ensures that the sport will continue to thrive and connect with audiences around the world.”

P1’s International Pedigree

Powerboat P1 brings significant international experience to IHRA’s portfolio. Founded in 2003 with the inaugural Grand Prix of the Sea in Nettuno, Italy, the UK-based organisation has staged more than 200 events across nearly 20 countries over two decades.

The Rangoonwala family’s operation expanded into the American market in 2017, establishing Powerboat P1 USA as a wholly-owned subsidiary to manage offshore racing throughout North America. The organisation promoted multiple racing classes including the premier Class 1 category sanctioned by the Union Internationale Motonautique, alongside SuperCat, Mod V, and SuperStock divisions.

P1’s 2025 Monster Energy Triple Crown series visited New Orleans, Sheboygan, and St Petersburg, though the season was marked by reduced Class 1 participation amid the political upheaval that has characterised American offshore racing in recent years. Only two Class 1 boats competed at the New Orleans season opener, a stark contrast to the fleet sizes the category once commanded.

Azam Rangoonwala’s relocation to Dubai before the 2025 season signalled the family’s shifting focus, with management responsibilities transferred to Covington. The timing of IHRA’s acquisition suggests the Rangoonwala family recognised an opportunity to exit the challenging American market whilst ensuring the P1 brand’s legacy continued under new stewardship.

Unification Talks Continue

Race World Offshore owner Larry Bleil confirmed discussions with IHRA remain productive. The Key West-based promoter operates a six-event American Power Boat Association-sanctioned series, having previously departed APBA alongside Professional Racing Offshore before returning to the sanctioning body’s umbrella.

“We are in agreement with the direction IHRA is taking and appreciate their vision for the future of the sport. Our conversations have been positive, and we look forward to continuing discussions aimed at ensuring the best possible outcome for racers and fans alike.”

Any eventual alignment between IHRA and Race World Offshore would create a unified American offshore racing series for the first time in years, potentially ending the fragmentation that has plagued the sport domestically.

Financial Commitment

IHRA’s $1.25 million commitment across Key West and the 2026 season represents the largest purse investment in recent American offshore racing history. The organisation has also pledged tow fund support to assist teams with travel costs, addressing a longstanding concern amongst competitors.

Thomas Covington, who served as the public face of P1 Offshore during the 2025 season after Rangoonwala relocated to Dubai, will oversee strategic sponsorship and operations for IHRA’s powerboat division.

“The 2026 season will showcase the best of both organisations. Our combined expertise and shared vision will strengthen the sport, our teams, and our partners.”

Leah Martin, now IHRA Powerboating Executive, described the move as an evolution of the sport.

“This is more than an acquisition—it’s an evolution. The collaboration between IHRA and Powerboat P1 USA/P1 Offshore represents progress, passion, and a shared belief in what this sport can become.”

Cuttell’s Rapid Expansion

Cuttell’s aggressive investment strategy stems from his success building Darana Hybrid into a major industrial contractor employing 350-400 people across North America. The company, which relocated its headquarters from Memphis to Hamilton, Ohio in 2019, provides electro-mechanical solutions and conveyor systems for clients including Amazon, UPS, and Walmart.

A master electrician and member of the Tuscarora Native American Nation, Cuttell operates his businesses under the company motto “Make It Happen”—a philosophy evident in his rapid motorsport expansion. Beyond his business ventures, he competes in drag racing, campaigning a 1970 Pro Mod Camaro.

The powerboat acquisition represents Cuttell’s latest diversification move. In March, IHRA announced it had purchased seven drag racing facilities, including National Trail Raceway and Kil-Kare Raceway, whilst restoring professional national events to its calendar after the sanctioning body had operated primarily as a grassroots series since ceasing national professional events in 2014.

2026 Series Launch

The IHRA Offshore Racing Series will debut in 2026 with what the organisation describes as premier race sites, expanded media coverage, and a unified competition structure. Specific venue announcements and the complete schedule will be released in the coming weeks.

For offshore racing’s fractured community, IHRA’s arrival brings fresh capital, organisational infrastructure, and the tantalising prospect of unity after years of competing series and political disputes.

Whether Cuttell’s vision can deliver sustainable growth remains to be seen, but few can dispute the ambition.