A new powerboat race event may be in the works for this summer on the Detroit River — but will it have better luck with sponsors than the last one?

Steve David, chairman of the Washington-based hydroplane racing league H1 Unlimited, said in a statement that he is coordinating with Detroit Yacht Club past commodore Fred Carr to put a new Detroit event back on its summer schedule.

The Detroit River Regatta Association, longtime producers of the former Detroit APBA Gold Cup races on the Detroit River, will wind down operations this week. It’s also cancelling a replacement race planned for Aug. 22-24, the Detroit River Festival of Speed, after the Gold Cup moved to Washington state.

“There is simply too much history, too many fans, and too great a race course to let Detroit slip into the past…,” David said in a statement. “H1 is part of this new group, and will in fact be assisting with the start-up funding to ensure we not only race this year, but far into the future.”

The DRRA had produced the Detroit APBA Gold Cup race, featuring unlimited hydroplane racing and other boating events, since 2003 under a contract with the American Power Boat Association. Detroit has hosted the Gold Cup since 1990.

But the DRRA lost its title sponsor when Chrysler Jeep Superstores withdrew about five years ago, said former Association president and current board member Tom Bertolini. In recent years the Association had lowered the race’s operating costs from around $1 million to under $600,000, but never found a replacement sponsor.

Bill Rands said the event was operating at a loss of $100,000 to $150,000.

Organizers last November announced a downscaled race event, Festival of Speed, in August without the unlimited hydroplanes. The APBA Gold Cup will be hosted this year by the Tri-City Water Follies July 24-26 on the Columbia River in Washington state.