Two people had to be rescued from the sea when their yacht was in collision with an oil tanker, according to the coastguard.
At 3.20pm, Solent Coastguard was alerted that the yacht Atlanta of Chester, which was taking part in the Cowes Week yachting regatta, had been involved in the accident involving the tanker Hanne Knutsen off Egypt Point, Isle of Wight.
A Maritime and Coastguard Agency (MCA) spokesman said: "Two people were thrown overboard by the collision and the yacht lost its mast and rigging.
"The Rhib (rigid-hulled inflatable boat) Vigilant took one of the people back to shore for medical attention whilst the Southampton Patrol Boat and Hamble Rescue took the second person to a waiting ambulance at Trinity Pontoon.
"The Marine Accident Investigation Branch and the MCA duty surveyor have been informed.
"The tanker continued to its destination at Fawley and the yacht has been towed to the UKSA berths at Cowes."
Aberdeen Asset Management Cowes Week is the largest sailing regatta of its kind in the world and has been a key part in the British sporting calendar since 1826.
Cowes Week sees up to 40 daily races involving 1,000 boats, with more than 100,000 spectators.