Madison, Indiana, 1971. The Ohio river port is in full economic decline, its last pride and obsession being its uniquely town-owned power boat, although the raggedy old donation from a millionaire decades ago never comes close to a win. With his doted son Mike as most devoted fan, air-conditioner repairman Jim McCormick, who had to stop piloting it after a near-fatal accident, devotes all his 'spare' time to it, turning down professional opportunities as that would mean moving, as his wife suggests. Things climax when he realizes the town will either be scrapped from the national racing circuit or host the Gold Cup itself, requiring $50,000 fund raising.