Amazed to find that this water sport is not so new - it was in fact started in the UK, way back in 1954.
E would definitely seem to indicate something in the emblem as you say - but so far not located it on any internet pics.
Couldn't find red but here's a blue team in practise:
http://25.media.tumblr.com/tumblr_lh...jyspo1_500.jpg