Organisers of the Southern 80 race said the man died despite attempts to revive him on the riverbank. No details were provided on how the accident occurred.
They said a man in his 20s was also flown to Royal Melbourne Hospital in serious but stable condition with head and spinal injuries and a woman had a neck injury.
Two other competitors a man with rib and shoulder injuries and a man with serious head and spinal injuries were also taken to a nearby hospital.
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