Negotiations to create a commercially viable, powerboat marine motorsport series, began in 2002 between former Managing Director of Class One offshore racing, Nathan Knight, and current Powerboat P1 Chairman and CEO, Asif Rangoonwala.

Rangoonwala, an avid sports fan, especially of the American sports market, seized the initiative and began work on fulfilling his vision for powerboating and becoming the supremo of the sea.

In May 2003, the Powerboat P1 World Championship was officially founded in Nettuno, Italy. Twelve boats (six from Powerboat P1), the majority of which were Italian, raced in the first-ever Grand Prix of the Sea. Unlike today's supercharged twin-engine mono-hulls, most of the boats in Nettuno were 15-year-old aluminum boats, illustrating how far the series has developed since the earlier years of the decade.

Understanding the key to the series' future was developing a competitive level playing field. Rangoonwala and his management team have continued to push the boundaries, focusing on creating a promotional platform for the marine industry.

Attracting new teams, manufacturers and sponsors to the sport, as well as integrating new race venues, new race series, and making further innovations to the rules, remains an integral part of the organisation's planning for 2010.