Steve is a talented gymnast who has given up competition and is working at his father's bike shop. Julie is the new girl at his old gym, who has moved to town to train with their powerful coach. Inspired by Julie, Steve resumes training. While dealing with the conflicts in their personal lives and the stress of training, they prepare for the US Olympic Trials.

In 1983, yacht sailor Will Parker leads an American crew financed by millionaire Morgan Weld to defeat during the America's Cup race against an Australian crew. Determined to get the prize back, Will convinces Morgan to finance an experimental boat designed by his ex-girlfriend Kate's new beau, Joe Heisler. When the boat is completed, the Americans head to Australia to reclaim the cup.