Garbrecht Acquires Little's Ownership Share of HYDRO-PROP, Inc. (Lake Hamilton, Fla.) - HYDRO-PROP, Inc. announced today that Gary Garbrecht, President and co-owner of HYDRO-PROP, has acquired the 50% ownership share in HYDRO-PROP formerly held...
Garbrecht Acquires Little's Ownership Share of HYDRO-PROP, Inc.
(Lake Hamilton, Fla.) - HYDRO-PROP, Inc. announced today that Gary Garbrecht, President and co-owner of HYDRO-PROP, has acquired the 50% ownership share in HYDRO-PROP formerly held by team owner Bernie Little. Garbrecht becomes the sole owner of HYDRO-PROP and the Budweiser Unlimited Hydroplane Series presented by Laughlin.
"HYDRO-PROP has made significant strides in our first year," said Garbrecht. "Bernie and I agreed that it would be best for me to own the series and for Bernie to concentrate on his team and other business interests. Bernie has played a key role in the sport for many years. He was instrumental in making HYDRO-PROP's acquisition of the series from the American Power Boat Association possible last year."
"Balancing team ownership and series ownership is a very difficult task. I have to recognize that Bernie always held to our deal and supported our vision of the series. We agreed that I would run the competition and that Bernie would help find race sites and sponsors," continued Garbrecht, "and that is exactly what we did."
"I know that as the owner of the Miss Budweiser team, Bernie was not always happy with some of the restrictions that we placed on competitors during the course of the season. But he never interfered and his diligence has helped us to secure two new race sites for next season."
"Gary is the premier businessman in powerboating today," said Little. "He has done a great job in helping get the sport turned around. Now that Gary has had a year to get his management team in place, I think that it is best that I concentrate on running my team and let Gary have total ownership of the sport. And I plan to call him regularly to offer my opinions! I have owned the Miss Budweiser team for 39 years and I have to tell you that owning the Miss Budweiser is a lot more fun than owning part of the series. I am glad that I was able to help Gary get started and I'm looking forward to concentrating solely on the team and my family."
Headquartered in Lake Hamilton, Fla., HYDRO-PROP combines Unlimited Hydroplanes, the biggest, fastest racing boats in the world, with Formula One, the most versatile, fastest accelerating and fastest turning boats in the world. HYDRO-PROP events are held throughout North America and are televised during prime time on ESPN2. For more information on HYDRO-PROP, visit www.hydroprop.com <http://www.hydroprop.com>.