The remains of the surfboat
Police are investigating the cause of the blaze which destroyed the 20 foot fibre-glass boat and trailer.
Firefighters went to Pixie Lane, Braunton, just after 2am today following a report of a boat on a trailer was on fire.
They found that the Australian-made sculls gig boat was well alight.
Andy Bray coaches the club's surfboat teams and the boat was on a trailer in the road near his home.
He said he was alerted by a neighbour and found the boat was burning with flames leaping 30 foot into the air.
Mr Bray said the boat was insured for £7,000.
He does now know how long it will take to find a new boat. They are built in Australia and cost about £3,000 to ship across to the UK.
The blaze has wrecked the club's winter training schedule and is a praticulat blow for the newly-formed women's team.
Mr Bray said a camper van parked in the same street also seemed to have been attacked on the same night.
He said: "I am absolutely devastated."
The Saunton Sands Surfboat team is part of the Saunton Sands Surf Lifesaving Club and rows in the UK Surf Rowers League, competing at venues throughout the south west of England and in Wales.
In 2007 the club reached the final at the UK National Surfboat Championships and came fourth.
On its website the club says surfboat racing is a relatively new sport in the UK, although well established in other countries, particularly Australia.