The body of Australian speedboat racing champion Steven Antuch has been pulled from the Georges River after a horror accident on Tuesday afternoon.


Police said they located and recovered Mr Antuch's body shortly after 11am on Wednesday, following a major search of the river involving divers, police and SES volunteers.


The 28-year-old from Picnic Point was on board the speedboat when it overturned about 4pm, near the ramp at the end of The River Road in the Georges River National Park in south-west Sydney.


Detective Inspector Glen Fitzgerald said the body still needed to be formally identified, but dozens of Mr Antuch's family and friends had gathered near the accident site and were comforting each other.


Late on Tuesday, Botany Bay water police Sergeant John Cox said a Hurstville man, 27, had been taken to hospital after the boat rolled but it is understood he returned to the river on Wednesday to await any news of his friend.


Mr Antuch is a champion racer who reportedly broke the Hawkesbury River Bridge to Bridge race record last year.