HYANNIS PORT – More than 200 boats will set sail this weekend for the 48th Annual Figawi Race.

Competitors are coming from all over the United States and Canada to compete in the event. Participants will be divided into 13 divisions and two fleets, spinnaker and non-spinnaker.

The annual event is Memorial Day Weekend tradition on Cape Cod and Nantucket.

Celebrations begin with the Kickoff Party at the Hyannis Yacht Club on Friday. Registration for the race will be held at the kickoff event.

The race begins Saturday morning at 10 a.m. at the Hyannis Port jetty, with skippers and crews competing to be the first to reach Nantucket.

The race finishes at the entrance to Nantucket Harbor. Organizers say the beach at Brant Point Light is a good location to catch the action.

A Competitor Party is planned for Saturday night on Nantucket on New Whale Street.

Participants will enjoy a day off on the island on Sunday, with the awards ceremony and another party planned for Sunday night.

On Monday, skippers and their crews will race back from the island in a newly formatted “Redux” event. The race will end in a neutral location, a move that organizers say will allow skippers to head north or south to head home after the weekend is over.