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The Rocket Racing League is a new futuristic sport racing rocket powered airplanes on a "3D racetrack in the sky".
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Projected to be 90 minutes in length, the races will be between proposed Rocket Racer planes that use liquid oxygen
and either kerosene or ethanol fuel with a burn time of four minutes.
Each rocket plane is expected to cost less than US $1 million.
The airplanes are based on the Velocity airframe - derived from a commercially-available kit plane that traces its design heritage to the
Rutan Long-EZ,
which has been modified to accept rocket power and custom avionics.
The first prototype flew on October 26, 2007 at the Mojave Spaceport.
Source: Wikipedia
