Meet racing's new wave – it's the grand prix of the sea

Speed, noise, champagne ... and scantily clad girls – so can the 14-race powerboat circuit pull in the petrolheads? asks Martin Baker

Formula One, image problems notwithstanding, still has its imitators. Today marks the end of the Malta Grand Prix of the Sea, an event that sees itself as the aquatic equivalent of the petrol- head fests. The Maltese race is the latest in an increasingly noisy succession of Powerboat P1 jamborees that celebrate all that is finest in motor sport – speed, ear-shattering noise, quality engineering, criminal waste of champagne and lots of scantily clad women.

The Powerboat P1 grand prix circuit is the brainchild of British-based property and catering tycoon Asif Rangoonwala. Starting five years ago with a contest between five ageing powerboats, P1 has mushroomed into an event with "14 nationalities, 14 races and seven grand prix on three continents", according to Jim O'Toole, chief executive of Powerboat P1.

Opened with considerable fanfare on Thursday evening by the Maltese prime minister Lawrence Gonzi, the grand prix follows the established P1 format of two races on successive days – one test of speed, the other of endurance.

"It's high-speed orienteering and a real test of racing prowess. It's a skill as well as an art – an extremely different sport," says Rangoonwala.

The British-Asian entrepreneur, whose business interests include the Swanbourne property fund with a portfolio of rental assets approaching £1bn, is believed to have invested at least €£12m of his personal wealth in developing the P1 concept.

Next up in the racing circuit is Tunisia in July, with races in Spain, Portugal and Bahrain to follow in the autumn. A recent grand prix event round the Isle of Wight attracted more than 65,000 spectators.

But the more important audience, and the critical factor in determining whether P1 will be a business success, is the television viewer. "It took Bernie Ecclestone 15 years to get the television companies to pay him for Formula One coverage," says Rangoonwala. "But I think the market's demanding more content. I think there's a requirement for it."

O'Toole says a new TV deal with Eurosport will provide the platform that P1 needs. "We expect the sport will reach 100 million people worldwide. The package includes a preview show; it shows the whole race series, which is repeated twice, and there's an end-of-season review."

Media analysts do not believe that Eurosport is paying for the coverage, although the terms of the deal are confidential. They are watching events at P1 carefully. "The first thing they have to establish is a proper showcase for the sport," says an account executive at a major London advertising agency. "If P1 gets critical mass, the profile and consumer awareness it seeks, then the rest follows naturally – sponsorship, advertising, the works."

P1's existing partners and sponsors include the champagne producer Taittinger; clothier Dread; Raymarine, maker of nautical navigation and technical systems; and LG, hi-tech kit manufacturer.

But O' Toole insists that the razamatazz, marketing and sponsorship surrounding P1 is secondary to the industrial aspects of the grand prix tour. "Our raison d'être is to give the industry a marketing platform – hulls, boats, drive-shafts – in the way F1 has done for the motor industry," he says. "If it can be done for cars and motorbikes, it can be done for boats."

Sunseeker, Cigarette and Hustler are among the boat brands competing in the grand prix.

Rangoonwala offers a slightly distorted rich man's view of the sport: "Actually it's a product that's readily available to ... I can't really say a normal person, but it's a product anyone can go and buy off the shelf. You can't be a racing driver but you can go and buy a P1 boat any time you like. You can buy an Evolution Class boat on the water now."

These boats, which cost from $200,000 to $2m, will still be beyond the purchasing power of the vast majority.

Still, the excitement around the events continues, with more and more spectators and sponsors showing an interest. At the Tunisia Grand Prix, the sponsor of one boat will be a firm that O'Toole refers to as "long muscle – it's a French version of Viagra".