Finally, a Solution for Cost Control in Yacht Racing

(April 1, 2014) – A new series has been announced that directly addresses the issue of cost controls. Called the HPR Fast Forty Claiming Race Series, it works similarly to the format used in horse racing.

The claiming value will be set for $300,000. Any boat entered in any regatta in the series may be claimed for $300,000, with claims required to be placed prior to the last race of the season championship, which is the final regatta of each year.

In horse racing, any horse that enters a claiming race can be purchased by anybody who makes a claim prior to the start of the race. The buyer who made a claim then owns the horse at the conclusion of the race. The buyer has to pay for the horse and ends up owning a horse he or she has claimed, even if the horse drops dead during the race.

The Fast Forty Claiming Race Series works a bit differently, as claims can only be placed once per year, prior to the last race in the annual fleet championships. It is anticipated that the format will impact both cost controls and fleet building.

If a wealthy owner wants to have a successful season, he or she may be able to do so by building and racing a $600k boat. However, if that boat performs well it will almost certainly be claimed for $300k at the end of the series. That boat might well remain very competitive and be claimed each year for several years. This will spread interest in the Fast Forty Claiming Series among a variety of owners which will build interest in the fleet.

Another possible outcome is if a young designer and builder want to prove their skills and create a fast boat for $200k. If that boat does well and is claimed for $300k, the designer and builder are delighted with their profit and will build another. In either case, the wealthy owner’s funds and/or the young designer/builder’s efforts, help build the fleet.

Other rules:
– The Fast Forty Claiming boats all must rate 12.192 m (40 feet) or shorter under HPR.

– The only sails and other equipment that change ownership when a boat is claimed are the sails and equipment that is used during the fleet championship.

– The claiming value is $300k USD. Given that the claiming value is in USD, it will change in future years indexed to the US CPI.

– If multiple claims are made for a single boat, precedent will be given to a person making a claim who is not racing in the current fleet championships. If there are still multiple claims, the winning claim will be randomly selected.

Just as in horse racing, the objective of having a Claiming Series for Fast Forty boats is to generate a fleet of boats in which there is substantial liquidity, and which are evenly matched in cost and rating. As sailors have learned, other forms of cost controls don’t work.

But with the claiming race format, if an owner “buys” a successful season by building an expensive boat, their investment will help build the class and build interest in the series.