COEUR d’ALENE — H1 Unlimited announced Friday an agreement with a new organization, Coeur d’Alene Hydroplane Regatta LLC, to stage hydroplane races on Lake Coeur d’Alene Aug. 14-16.

The name of the event will change to Coeur d’Alene Silver Cup Unlimited Hydroplane Race, replacing Diamond Cup.

“We are very pleased to enter into this agreement with this new organization made up of very influential members of the Coeur d’Alene community who are passionate about returning our sport to their beautiful locale,” said Steve David, chairman of H1, the race sanctioning body.

A lot of work remains to be done, he said, but the cooperative agreement aligns H1’s series “with a very dedicated, capable group who are willing to do what it takes, including investing their own money, to make this race happen in 2015.”

He said the owners, drivers and officials associated with H1’s racing series enjoyed the 2013 experience in Coeur d’Alene. The Diamond Cup returned that year after decades without a race, but it only lasted one year with the organizers generating a roostertail of debt.

“We are all excited at the prospect of racing in that beautiful community and venue again in the future,” David said.

Coeur d’Alene Hydroplane Regatta LLC is led by Pat Stroud and Keith Allen, of Coeur d’Alene, according to records filed with the Idaho Secretary of State.

“It is important to note that the 2013 race was a huge success from every standpoint except capturing the revenue,” Stroud said Friday.

The bills didn’t get paid because of a leadership failure, he said.

“We, through the 2013 experience, have learned from those mistakes and will be correcting them,” Stroud said.

Stroud has experience in the hospitality business, he said.

Allen was the land-operations manager for the 2013 Diamond Cup races.

“He did a magnificent job as land manager in 2013, (and) I believe his experience comes mostly from his time at the Tri-Cities (unlimited hydroplane) races,” Stroud said.

This story is developing. More details to be posted soon.