Both crew members -- on Flying Fish Arctos and Bowline -- were hit by booms as the yachts raced southwards along the New South Wales coast after setting off from Sydney Harbour on Boxing Day.
The race committee said it could not provide further details of the deaths as police were investigating and some family members were yet to be contacted.
New South Wales police said the boat crews had notified them of the two deaths during the night.
“The lead boats were experiencing speeds of between 25 and 30 knots so they’re travelling extremely fast. The sea was not unusually large from the information I have received,“ Jacobs told reporters.
The yacht club will open an investigation to help improve safety in the event, he said.
“On a boat itself they train together, live together, cook together, they do everything together. It would be devastating, as we are devastated,“ he said.
But this was not an “extreme” forecast, Jacobs said.
Weather is a critical factor in the race, first held in 1945, with winds and conditions often changing rapidly.
So far 16 yachts have pulled out from the initial fleet of 104, Jacobs said.
- Race favourite retires -
Comanche, which surged over the finish line in one day, 9 hours, 15 minutes and 24 seconds to set a new mark in 2017, was leading when she retired.
Wild Oats, which has twice won the race -- the last time in 2014 -- was another casualty, with rigging damage.
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