The International Hot Rod Association (IHRA) has acquired Powerboat P1 USA / P1 Offshore, a move that could unify offshore powerboat racing in 2026.
Darryl Cuttell, owner and CEO of the International Hot Rod Association, completed the acquisition in October, which includes all the assets for the Powerboat P1 USA / P1 Offshore.
“This acquisition represents a new era of leadership and vision for IHRA,” Cuttell said in a statement. “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.”
Cuttell, who owns Darana Hybrid, an electrical/industrial contracting company, has been acquiring sports leagues in recent years. He purchased the IHRA in 2024 and acquired the Southern Drag Boat Association in 2025.
Leah Martin, executive director of the Lake of the Ozarks Shootout, was named president of the IHRA. Her responsibilities include overseeing all IHRA properties including drag racing, offshore powerboats and management of the drag strips. Martin will reportedly stay on in an oversight capacity with the Shootout.
“This is more than an acquisition—it’s an evolution,” Martin said. “The collaboration between IHRA and Powerboat P1 USA / P1 Offshore represents progress, passion, and a shared belief in what this sport can become.”
Thomas Covington, formerly with P1 Offshore, will handle sponsorships and operations for the new ownership group.
Cuttell is already shaking things up with the offshore tour. The IHRA provided a $250,000 purse for the Key West World Championships in November. He’s earmarked a minimum $1 million purse for the 2026 offshore season, as well as financial support for team travel.
Although a schedule is expected to be released soon, the IHRA has been in discussions with the Race World Offshore, which produces the Key West race.
“Our conversations have been positive, and we look forward to continuing discussions aimed at ensuring the best possible outcome for racers and fans alike,” said Larry Bleil, owner of Race World Offshore.
Under the new structure, longtime team owner Tyler Miller and Randy Scism, founder of Marine Technology Inc., have been added to the IHRA board. Adding two offshore racers to the drag-racing organization’s board signals a serious effort to unite the sport under one umbrella.
