History
The formation of the league was announced by Granger Whitelaw, and Peter Diamandis, founder of the Ansari X-Prize, in October 2005 in partnership with the Reno Air Races. According to Diamandis, the purpose of the league is to "inspire people of all ages to once again look up into the sky and find inspiration and excitement."
Initial plans called for a four-team league finals in 2006, to be followed by 10 teams competing in 2007, with video games based on the competition also out in 2007. In 2006, analysts identified doubts about the economics of the venture, and especially of the ability of RRL to attract a large fanbase similar to IndyCar and Nascar In the event, no races occurred in either 2006 nor 2007.
In April 2008, the league stated that it was "ready for competition four exhibition races will be held later year, one in Las Cruces."
On April 14, 2008, the Racing Rocket Racing Composite Corporation, a subsidiary of the Rocket Racing League, acquired Velocity Aircraft. The RRL announced their goal was to "produce an airframe that will be consistent for all competing Rocket Racers."
On May 26, 2010, a Velocity employee posted to the builder's email-list a note from Scott and Duane Swing that stated that they had bought back full ownership of Velocity Inc from Rocket Racing League. The RRL now owns no share of Velocity Inc.
Read more about this topic: Rocket Racing League
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