The Dublin Bay competitor ran into problems off the Waterford/Wexford coast last night.
Yesterday's last day of the ICRA event was cancelled due to strong winds.
It is the second serious accident to befall yachts on passage to and from this year's event.
Nine days ago, a Scottish competitor sank off the Saltee Islands on their way to the championships.
Rescue helicopter 117 was sent on a mission to rescue a crew member of the 33–foot yacht that was 'washed overboard by a large wave'.
The accident happened 15–miles offshore. A westely gale was blowing and sea conditons at the time were decribed as 'rough' by the Coastguard.
The remaining two crew onboard the yacht managed to recover their crew–mate from the water in very difficult circumstances.
The wave activated the yachts life raft which then trailed astern of the yacht.
According to the Coastguard, in the rough sea conditions, the R117 helicopter crew decided the safest place to put their winchman was into the life raft. The winchman then climbed onto the yacht and winched the 'ill' crew member from the yacht and brought him back to Waterford Airport where he was taken to hospital by the Ambulance Service.
Dunmore East RNLI lifeboat escorted the yacht to Dunmore East harbour. Local sources say the racing yacht will remain at the harbour for the coming days.
Further updates as we have them.