COEUR d'ALENE - Organizers proposing to bring hydroplane racing back to Coeur d'Alene over Labor Day weekend say the event is happening - guaranteed.

At a press conference Thursday announcing the return, they put their money where their mouths were, handing over a check to the racing circuit host, HI Unlimited.

"This is a very, very happy day for us," said Doug Miller, Coeur d'Alene Diamond Cup Regatta board chairman who spent two years spearheading the effort. "I really can't tell you how exciting that is."

Last year, the event had to be canceled because of a financial shortfall. Miller estimated in previous interviews it would cost $400,000 to hold sanctioned races at Silver Beach off East Lake Coeur d'Alene Drive. While organizers didn't divulge the amount behind Thursday's ceremony, HI Unlimited's Ted Grange said it's enough to make the race organizers "current" to their financial obligation.

So the races are on.

"We're very happy to be back here," said Grange on the races that last roared on Lake Coeur d'Alene - save for a pair of exhibition runs recently - in 45 years. "A lot of our drivers weren't even born the last time we raced in Coeur d'Alene."

But the racers are excited for the new, seventh stop on the circuit, he said.

The race will have at least 10 unlimited boats, perhaps as many as 13, for the sanctioned races. The course is wide enough that seven hydros can go side by side, the most on the entire circuit.

Besides Miller, the Diamond Cup team consists of businessmen John Stone, Keith Kroetch, John Condon, Doug Knight, Darren Prouty, Rob Bloem and Pat Stroud.

Kroetch's financial contribution about a week ago put the event over the top.

Kroetch "has stepped up to make this happen," Miller said, calling the support "world class" that takes the pressure off ticket sales.

So far, though, 650 ticket packages have sold, and 125 people have volunteered to help. The race, which will run Aug. 30 through Sept. 1, is aiming for 250 volunteers.

Parking will be available at the North Idaho Fairgrounds, and shuttles will take spectators to Silver Beach. Vintage limited and unlimited hydroplanes will provide exhibition runs.

The races drew large crowds in the 1950s and 1960s but were scarred by underage drinking, fights and arrests in the early '60s. Ultimately, sinking revenues and enthusiasm ended the races in 1968.

Coeur d'Alene has hosted exhibition hydroplane runs here two of the last three years, as organized by Miller. But those were more limited, vintage racers for exhibition, while this year's event is supposed to be for sanctioned races.

After last year's event was canceled and the board changed several members, rumors circulated that they would fold again this year.

But that's not the case.

"Most of you know Doug's been talking about hydroplanes for 30 years," Stone said of Miller's efforts. "This event would not take place without Doug's inspiration."