Fabio Buzzi has died along with two other people after their powerboat crashed in an attempt to break the offshore speed record from Monte Carlo to Venice.

The 76-year-old champion speed boat racer tragically died last Tuesday (September 17) during the power boat race when they hit an artificial reef near the finish line at Lido di Venezia.

Organisers of the Assonautica race told Venezia Today that the boat was travelling at around 80 knots (148km/h, 92mph) when it hit the man-made dam known as Mose.

The boat ran into a spit of large boulders which have been lowered on to the seabed to protect the dam, which serves as a flood barrier to protect Venice.

"The boat took off and flew 30 metres through the air, landing on its stern on the other side of the causeway where the victims died on impact," an official at Venice’s port authority said.

Fabio Buzzi founded his business FB Design in 1971 and has won 10 world championships since he began his racing career over 40 years ago.

In 1978, he set the world speed record for diesel-powered boats, hitting 191.58 km/h (119mph). His company's boats have set 40 world speed records and won 52 world championships.

Most recently, Buzzi's firm helped develop the recently launched Sunseeker's performance day boat Hawk 38. The boat reached a top speed of 68.7 knots on the waters of Lake Como earlier this summer with Buzzi himself at the helm.