COEUR d'ALENE - The head of H1 Unlimited, the unlimited hydroplane racing league, says he has "some strong concerns that persist" about Coeur d'Alene's Diamond Cup races.

In an email obtained Wednesday by The Press, H1 Unlimited Chairman Sam Cole said Diamond Cup organizers must come up with money and a signed race agreement - soon.

In that message, Cole said the deadline is midnight Saturday.

At the top of H1's needs from Diamond Cup organizers: "Written agreement and payment schedule for the $71,000 balance of the insufficient funds check that was given to H1 at the conclusion of the 2013 event," Cole wrote.

No. 2 on the list: "Signed race agreement and contracted payment schedule for 2014 with ALL funds paid in advance to H1 Unlimited or a certified performance bond for the entire amount in place," he wrote.

Finally: "$5,000 deposit to lock in the event for this year's H1 schedule."

Reached by phone Wednesday, Cole didn't want to get into specifics.

"It's a business matter between us and the Diamond Cup committee," he said. "We're trying to resolve all of our issues so we can have a race again this year."

Diamond Cup organizer Doug Miller couldn't immediately be reached for comment Wednesday.

In the written message to Diamond Cup officials, and presumably others, Cole left no doubt about the consequences of missing the deadline.

He wrote that the 2014 race would be canceled and H1 would "seek legal recourse for the amount due from 2013."

That would be followed by the issuing of a press release to the media "stating why we are canceling the event."

"Let's hope there's not going to be a press release or announcement like that," Cole said in the Wednesday interview.

He said the contractual matter between the organizations must be resolved within days.

"I am getting very insistent," he said.

H1 has to sign a contract soon to televise the race, he said.

Organizers for races in six other locations on the H1 schedule have already paid deposits and signed agreements, he said.

"It's really time to get everything firmed up in Coeur d'Alene," Cole said.

He said he has heard about the poor financial results from last year's Coeur d'Alene race, despite the event being well attended.

"I haven't quite figured that one out," Cole said.

In his email, he wrote that he was concerned that tickets are being sold in advance even though there is no contractual agreement in place.

"With the six-month window fast approaching, we must quickly resolve these issues and begin our planning and preparations for the event from a series perspective," he wrote. "We want to be supportive, however, time is of the essence to address the concerns and issues we struggle with."