Whatever happened to the Namron Racing Team's UL-10?

The deal: Form a team, finish the boat, and we could have use of the boat for a year. Upfront money will be provided. The team had to secure a covered shop.

The boat: Minimum hardware came with the boat. No wiring whatsoever. No electronics. Cockpit was only bolted in.

Financing: Never was the Namron Racing Team expected to finance the project. However, everyone on team, and I mean, everyone on team tried getting sponsorships. The only financing did, in fact, come from the Namron Racing Team.

The concern: Bud McKay went directly to the owner of the boat, Pat Rankin, and spoke with him about getting a written agreement between all parties so there was no confusion. The agreement was:

1) The Namron Racing Team would be reimbursed 100 percent for every out-of-pocket expenses in the construction process (at this time, close to $3,000).

2) $5,000 to $8,000 upfront money would be provided to the team to complete the work.

3) Because the boat was nowhere near as far along as was told, and the amount of work the team had done to this point and the amount of work in front of them, the team wanted the boat for two seasons to race. Without this agreement, the team could never secure a sponsorship with the threat the boat could be sold from under them.

So what happened? Pat agreed over the phone to sign the papers with the agreement. In three other phone conversations between Bud and Pat, Pat again said he would sign the papers. Pat never did. On Feb. 20, Bud called the team and decided to stop pouring money and time into the boat until the agreement was signed and honored. That never happened. Shortly after that, Bud moved the boat out of the shop to his yard. About a month later, another team took possesion of the boat after reimbursing the Namron Racing Team for the work they did. Since then, two other teams have had the UL-10 in their possession. The boat is still being campaigned as the UL-10. We have no ill-will with the teams that have had her. We honored everything we were asked to do plus some.

Bud McKay
July 19, 2010

Feb. 20, 2010 -- The UL-10

Will work for peanuts -- just need some peanuts.