Tim Seebold and John Schubert have reached a mutually beneficial agreement with the International Hot Rod Association (IHRA) to purchase the Formula 1 Powerboat Series, officially returning ownership of the championship to its longtime leaders.
The agreement marks the return of the series to two of the sport's most respected leaders while reflecting a positive outcome for both organizations, allowing each to focus on their respective strategic goals while ensuring a strong future for Formula 1 powerboat racing.
"We sincerely appreciate everything Darryl Cuttell and his entire IHRA staff have done to elevate Formula 1 Powerboat Racing during its stewardship," Seebold said. "The IHRA brought new energy, professionalism, and exposure to our sport, helping elevate the series and strengthen its foundation. We are grateful for the partnership and everything they have done for our teams, drivers, race promoters, sponsors, and fans wishing them continued success in all of their endeavors."
"This is truly a win-win for everyone involved," Schubert added. "We're grateful for the relationship we've had with the IHRA and proud of what we accomplished together. As we move forward, we're excited to build on that momentum and continue growing the premier powerboat racing championship in North America."
Seebold and Schubert are already focused on developing an exciting and competitive 2027 season. Plans are underway for a strong schedule featuring premier venues, world-class competitors, and renewed opportunities for teams, sponsors, race organizers, and host communities.
"Our goal is on delivering a championship that honors the rich history of Formula 1 Powerboat racing while continuing to move the sport forward," Seebold added. "We're working hard to assemble one of the strongest schedules in recent history and can't wait to share what's ahead. The future of Formula 1 Powerboat racing is incredibly bright."
The 2027 Season will see the Formula 1 Powerboat Championship returning to mainstay venues in Bradenton, FL, Port Neches, TX, Shreveport, LA, Marble Falls, TX, and Alton, IL, while bringing back Pittsburgh, PA, for the Pittsburgh Formula One National Championships. Additional details regarding the 2027 race schedule, championship partners, and new initiatives will be made in the coming weeks.
The Formula 1 Powerboat Championship is North America's premier Formula One tunnel boat racing series, featuring the world's fastest single-engine outboard race boats competing on some of the continent's most challenging and exciting race courses. The championship showcases elite drivers, cutting-edge technology, and thrilling competition for fans across the United States and Canada.