A small town in Australia, in the late 1950s: Brownie and Lola are deeply in love. But because they are under-age, their parents are against their relationship and try to separate them.

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.