The accident occurred just after 3 p.m. when Price’s boat began to wobble halfway down the 1,000-foot course at the Augusta Southern National Drag Boat Races.
As he attempted to correct the wobble, his parachute deployed, and the boat broke in half and flipped several times.
Drag boats are equipped with a special capsule designed to prevent serious injuries in such accidents.
Rescue personnel and divers reached Price within a minute of the accident, hoisted the capsule aboard a rescue boat and drove him to a waiting ambulance on the shore.
Ken Dollar, race series director for Lucas Oil Motor Sports, said Price was conscious and able to speak with other personnel and that his hospitalization was a precaution.
Witnesses said Price appeared to have leg injuries.