Jude Durr, prosecuting, said he often withdrew more than £500 at a time, having found out the PIN when Mr Hawes once gave him the numbers so that he could pay for a round of drinks.
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The Eliminator was a three stage race that saw athletes eliminated in each stage with race tactics playing as much a part as pure speed.
Dual Olympic Champion Alistair Brownlee was a pre-race casualty withdrawing from Eliminator as a result of illness.
Jude Durr, prosecuting, said Mr Hawes had known Heather for about six years and he thought he was a trusted friend.
John Morgans, for Heather, said he had succumbed to temptation and said the thefts had been “out of character” and “inexplicable”.
Dick Hawes and his wife Pam were befriended by fraudster Christopher Heather, who became so close to him that he accompanied him to the Isle of Man TT races and contests across Europe.
The court heard how Heather stole a bank card from the home of Mr Hawes, 71, in Homersfield, near Harleston and used his PIN to steal £10,998 from his account.
He said: “He regretted his actions almost from the outset.