DRRA Acquires Assets of Unlimited Hydroplane Tour (Detroit, MI) - The Detroit River Regatta Association (DRRA) today announced that it has acquired the assets of the Unlimited Hydroplane Tour, Inc. of Orlando, Florida. The DRRA will acquire...
DRRA Acquires Assets of Unlimited Hydroplane Tour
(Detroit, MI) - The Detroit River Regatta Association (DRRA) today announced that it has acquired the assets of the Unlimited Hydroplane Tour, Inc. of Orlando, Florida.
The DRRA will acquire both the physical assets, including safety, technical and rescue equipment as well as contractual and intellectual property rights and trademarks including rights to the terms: hydros, HYDRO-PROP, Hydros Gold Cup, Unlimited hydros, Unlimited hydroplanes and Gold Cup.
"It is important that these assets be acquired in order to help unify the sport and preserve the Gold Cup tradition," said Tom D'Eath, President of the DRRA.
"The teams and race sites need technical and safety equipment for the 2005 racing season. The trademarks for the Unlimited name are important for the branding of the sport. Now, we can work to make an agreement with the teams and race sites for their use of these assets."
"Detroit's primary incentive in acquiring these assets was to secure the rights to the Gold Cup race which is of special value to our fans and sponsors," said D'Eath.
Headed by Trent Ling, a Florida attorney and businessman, the Unlimited Hydroplane Tour, Inc. acquired the assets of HYDRO-PROP from former series head Gary Garbrecht following the end of the 2004 season.
"The sport has gone through a very difficult time," said D'Eath, who helped lead the renaissance of the Detroit race after founding DRRA in 2003. "Now, the third parties are gone. It is back to the race sites, like Detroit, and the team owners. We have the tools, the trademarks and the Gold Cup secured and can start working together to rebuild the sport."