Derek Hall, from St Ives Lifeboat, said: "It's not actually deflated but the hull, I believe, is damaged underneath. You can see daylight through the hole, it looks like it's fairly badly damaged.
Really liked the following quote!!!
"The boat itself is very unlikely to sink - they're very safe things."
"Most of the people were picked up very quickly by a local fishing boat and one or two of them were taken ashore on the rescue jet ski the lifeboat use from Porthmeor Beach and the rest of them were picked up from the sea by the lifeboat.
See jetskis aren't so bad after all........