I found this one fairly difficult. For all the previous races I used the Phoenix craft with the best engines / wings / breaks and lightest hull available.
However, the world Championship tracks (aka Dragon Peaks) are full of protruding rocks, fallen trees and large drops. My best tip is to toughen your craft up as much as possible, even if it impacts the speed.
I managed to complete this using Phoenix with best engines / breaks / wings and ultra heavy hull. You will find that most races will end with only 3 or 4 players left, and the final knockout race will leave you as the only racer, around lap 5.