H1 Unlimited's annual meeting and awards banquet, which was originally scheduled to be held next month at Belterra Resort and Casino, has been postponed until January.

The event was supposed to be held on the weekend of Nov. 8-9 and was going to be located for the second time in the past six years in southern Indiana.

"It is with regret that I must announce postponement of the 2013 H1 Unlimited Annual meeting and Awards Banquet," H1 Unlimited Chairman Sam Cole said in an email sent to race sites, teams and drivers. "We will reschedule for early January. I apologize for the notice and disappointment, however circumstances are such that we will be better served at a later date."

One of the reasons H1 was forced to postpone the event revolves around the pending appeal that the Oh Boy! Oberto/Miss Madison Racing Team has filed with the American Powerboat Association in response to a penalty incurred at Detroit in July.

Driver Steve David was assessed a one-lap penalty for encroachment during the final heat of the Gold Cup and ended up placing fourth. The team contends no penalty occurred and wants the infraction overturned.

Should the appeal be upheld it will not only change the outcome of the Gold Cup but the national championship as well. Jimmy Shane won the title aboard the Graham Trucking by a mere 68 points, but a reversal in the Gold Cup would add 231 points to David's total and give the crown to the Oberto/Madison by 163 points.

The national champion is traditionally crowned at the awards banquet but there has been no word from the APBA on when a decision on the appeal will be announced. H1 Unlimited's Cole has said the APBA's decision will be binding.

Another possible reason for the postponement is financial. According to several sources, H1 Unlimited does not have the money to put on the event at this time and only a few teams have chipped in to help out.

There has been no official statement from H1 about on a specific date in January or whether the event will still be held at Belterra.