RedactedNarrative: V1 was sailing in a race, under sail when it was struck at high speed by V2 operating under power.  The bow of V1 was completely destroyed and V2 sustained a large hole in the starboard side.  No injuries were reported and the Operator of V2 was issued several citations for boating safety violations.  Operator of V1 reported not seeing V2 until 3 seconds before impact.