SARASOTA, Fla. (WFLA) — Known as one of Tampa Bay’s most anticipated events, the Sarasota Powerboat Grand Prix, has returned for its 37th year.

More than 60 teams from countries around the globe, including the United Kingdom, Switzerland and Italy, are expected to attend the this weekend.

The event is scheduled to kick off Friday evening with a block party on Main St. and Gulfstream Ave., where fans have a chance to meet the teams. Racing will take place on Saturday and Sunday.

According to event organizers, the Sarasota Powerboat Grand Prix brings in several million dollars annually.

“It’s great for all the restauranteurs and hoteliers here. We get to that summer slow down so this event is really a great way to pick everything up around the 4th of July and stimulate the economy,” said Powerboat P1 USA Director Cole McGowan.

McGowan also races around the globe, even having completed a 220 mile race at one point. He said his interest first sparked when he was a kid.

“That’s how it started for me. I grew up in Sarasota so to see all the families coming down the way that I used to and see all the boats racing here locally, it’s really rewarding to see,” McGowan said.

The Sarasota Powerboat Grand Prix takes place on Lido Beach in Sarasota. The three-day event is free and open to the public. For the full schedule, click here.