The P1 SuperStock Series is unique in a number of ways, but one of the most notable differences is that Powerboat P1 offers leases for the racing season from their race-boat inventory.
They also offer arrive and drive packages as well, providing opportunity for racers to enjoy the excitement of racing without having to have the logistical issues of maintaining and transporting the boat.
Leasing is an attractive alternative for the team that does not want the financial investment of ownership, but wants to experience the thrill of extreme competition in a premium quality offshore race-boat.
The lease is subject to the execution of a comprehensive lease agreement, and placement of a security bond for loss or damage to the boat. Lease agreements are between Powerboat P1 USA and the racer and require participation in the racing series.
The program offers two forms of entry for racers:
Lease – The team may lease a boat for the season for $25,000. The boat would already have a sponsor provided by P1, and the team would have limited availability of signage placement on the boat for their own sponsors.
Sponsorship – The cost to sponsor the boat in full is $60,000 for the season, and this includes the primary signage on the boat, as well as naming for the purposes of television coverage. If a team has their own sponsor, and wants to utilize the primary signage on the boat for their own sponsor, the sponsorship cost to P1 is $60,000 and the team may retain any additional sponsorship funds resulting from the agreement they make with their sponsor, including any other deliverables that may be committed to by the team to their sponsor.
Security Bond – The team is 100% responsible for any damage to the boat or the engine throughout the term of the lease. Prior to taking delivery of the boat, the team will place a deposit of $10,000 in the escrow account of P1. This deposit is refundable to the team at the end of the season if there is no damage to the boat. Note that the team is responsible for damage that may well exceed the security deposit, and this is further detailed in the lease agreement.
Teams participating in the series are required to qualify for a racing license, and pass all of the safety and training qualifications, including scuba training and submersion in a “dunker test” prior to competition.
Click the contact button to seek more information on the P1 SuperStock lease program, and we’ll see you on the racecourse.