To me this photo's been too busy from when I first saw it over in the Critique Forum, and it is still too busy for me. There is no focus on anything in particular, spectators and masts are all the same (and far too many of every kind). You don't even see that the boats are boats.
The weather was obviously very nice, hence the nice blue sky, wonderful day for an event like this one, but this photo alone shows too little of the event. I know about it because you spoke about in the Critique Forum, too.
But the impression of something way too busy is staying with me, I'm afraid, when I look at this photo.