In its second big move in seven days, the International Hot Rod Association purchased Powerboat P1 USA/ P1 Offshore. Last Friday, IHRA—purchased in late 2024 by Darryl Cuttell who entered the Lake of the Ozarks Shootout history books in August—announced it was providing a $250,000 purse for the upcoming Race World Offshore Key West World Championships.

The International Hot Rod Association has made its second big move in offshore powerboat racing in the past seven days. Photo by Jeff Helmkamp copyright Helmkamp Photos.

 “This acquisition represents a new era of leadership and vision for IHRA,” said Cuttell, who in addition to his ownership is the chief executive officer of the Ohio-based International Hot Rod Association, in a press release from the organization. “We are committed to elevating the sport of powerboat racing through innovation, unity, and global reach. Together, we will build an organization that champions excellence, expands opportunity, and inspires the next generation of racers and fans.”

Active in promoting domestic offshore powerboat racing since 2017/2018 but in the sport abroad since the early 2000s, the United Kingdom-based Powerboat P1 USA/P1 Offshore outfit was owned by Asif Rangoonwala, and operated in the United State by his son, Azam.

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

The junior Rangoonwala moved from London to Dubai before the 2025 season began. Then current Powerboat P1 USA/ P1 Offshore management team member Thomas Covington became the public face of the organization for the current.

Covington is now part of the IHRA group. He will oversee strategic sponsorship and operations, according to the release.

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

Whatever form they might take, negotiations between the IHRA and Key West, Fla-based Race World Offshore headed by Larry Bleil are ongoing, according to the release.

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

M CON Racing team owner Tyler Miller and MTI founder Randy Scism have been appointed to the IHRA board of directors. As for the fledgling World Powerboat Racing Association, it most likely cease to exist after this season.

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