53-year-old Jon Santarelli, a Lincoln Park-native, was nearly four miles offshore from Navy Pier
on the boat "Imedi" when the incident took place, according to authorities.
Race organizers say that the Coast Guard alerted them to the search at approximately 3 p.m.
According to a Chicago Yacht Club spokesman, Santarelli was moving to the stern of the ship to make a sail adjustment when a wave knocked him into the water.
After Santarelli went into the water, crew members engaged in "man overboard" procedures, throwing him a life preserver and circling the boat around to find him.
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Source : NBC CHICAGO