What would you mean by 'offical'?
I'm not in any way involved with organizing this thing, but I'm not sure what it is you want to see done differntly .
one of the requirements for the race is that each racer have a Groundspeak traveler tag . In the past two races the begining, ending, (and this year check point) were all gc.com listed caches, the starting point has been an event cache. Why this year has only like 20 entries (so far ), and the past ones have had 70+, I don't know.
I think the organization side of things has appeared to go quite well. I was interested in seeing if, perhaps, Groundspeak might 'sanction' this race. Get it some publicity/advertising on the main geocaching page. Something similar to the Jeep stuff. I'm sure that Jeep threw money at them, that we wouldn't have.. but still, it might be worth a shot. Perhaps more interesting races like this could pop up!