The Metung Sailing Club went into recession in the early 1940’s as most of the members were in the armed services. In 1950, another club – the Regatta Club was founded to promote boating (primarily speed boats) activities on the Lakes. This group purchased the current MYC and bowls club five acre site for 1000 pounds. The area was little more than a hill and a swamp which required draining, filling and levelling. The vision was to install a pipe drain and then bulldoze the hill into the low area. In order to receive a grant to do this, the Club had to hand over the land to the Crown. The area was filled but due to dwindling interest in speed boats, the Regatta Club decided to hand over the lease to the reformed Metung Yacht Club, then close and give its considerable remaining funds to the sailing club. This provided some of the necessary capital to build club rooms on the existing site in 1959. In 1960, it was also decided to build a club jetty to provide some mooring facilities. This was later replaced by a Marina with the assistance of a couple of Victorian politicians – Dick Hamer and Henry Bolte who often holidayed in Metung.