The Traralgon man, John Cross, 47, who is yet to be formally named by police, was competing in a heat of the World Grand Prix Championships when the accident happened about 11.20am.

Insp John Wadsworth, of Albury police, said the hydroplane, of which Cross was the sole occupant, became airborne and flipped twice before crashing into the water near the finish line.

Mr Cross was ejected from the boat in the impact and was knocked unconscious.

He was taken to Yarrawonga hospital with severe internal injuries but died while being flown to Melbourne’s The Alfred hospital about 3pm.

A shattered powerboat community last night took to an internet forum on ozboatracers. com to pay tribute to Cross, who was described as a “very well-liked and popular man”.

Today, the following video tribute was uploaded to the site:

“Up in heaven there is some close racing now,” one post said.

Another wrote, “Champions live forever, and you were a true champion”.

Fellow driver and former world champion Grant Harrison yesterday told The Border Mail the accident was a tragic loss.

“No one likes to see anyone get hurt and this guy was a legend of the sport,” he said.

“He was a driver’s driver, he was one of the best drivers in Australia and one of the most respected drivers in Australia.”

Mr Harrison said Cross was an experienced racer and had won a number of Australasian championships.

“He was revered as one of the best boat racers of the current era,” he said.

“It can happen to champions as well.”

Close friend Graham Harris, who knew Cross for more than two decades, said he was survived by a wife and three children.

“He was a rascal, but everyone loves a rascal,” Mr Harris said.

“He’d give you the shirt of his back, he was just a generous fellow.

“A lot of people only knew him for the boat racing, but I knew the other side of him.

“I’m just horrified by the whole thing.”

Ambulance Victoria spokesman John Mullen said Mr Cross wasn’t breathing when taken from the water and placed in an induced coma.

He went into cardiac arrest.

The boat sank but was later recovered and the racing continued.

The boats are some of the fastest in the world and can reach speeds of 270km/h.

Victorian Police are investigating the cause of the crash, with the assistance of officers from NSW.

A report will be prepared for the coroner.