Vandals caused $30,000 damage to about nine rowing shells stored at Royal Park on Saturday night.
Police said the shells and other rowing equipment belonging to four schools, including Launceston Church Grammar, were being stored in a cordoned-off area for the 174th annual Launceston and Henley Regatta held in Launceston this weekend.
They said regular security patrols were conducted.
Sergeant Andrew Hanson said a group of people had walked through Royal Park about 1.10am and ''have engaged in an act of senseless vandalism by pushing boats over and off storage racks, knocking over barriers and tipping out rubbish bins''.
''Rowing officials arriving for the regatta this morning (yesterday) discovered the damage,'' he said.
''This does not appear to be a targeted attack on specific schools or the regatta in general, but more of an act of senseless vandalism.''
Regatta president Adam Winzenberg said the boats may not be repaired in time for some students to compete in the Head of the River and all-schools regatta at Lake Barrington in April.
''Some were damaged a bit more severely than others. They have just knocked them off trestles and got their boots in, literally,'' Mr Winzenberg said.
''What's the point . . . it is just needless vandalism that doesn't need to happen.
''We had a good regatta, it's good for the town, we got a lot of people up from Hobart who spend a lot of money while they're here.
''My biggest concern is that they might decide not to come anymore.''
The Examiner attempted to take a photo of the damaged shells, however, Launceston Church Grammar School declined access.
Anyone with information is asked to call police on 6336 3701 or Crime Stoppers on 1800 333 000.
