Here's one version of the story (might as well have a permanent record here to cap this thread):
Wednesday, 4 July 2007 Alinghi shatter NZ's America's Cup dream
Alinghi has won the 32nd America's Cup in Valencia, downing Team New Zealand in the seventh race of the best-of-nine series by the slimmest of margins, just one second. Yet another dramatic race in an incident-packed regatta produced five clear lead changes, with the New Zealanders charging home as the wind switched right around on the final leg and crews hoisted jibs. The wind change produced chaos on SUI100, which hit a flat patch and had its spinnaker get caught under the boat on the drop. However, the need to relieve themselves of the penalty proved decisive for Team NZ and they were passed just metres out from the finish. "It was obviously pretty close but all credit to Alinghi. They sailed well, kept it close, kept on sailing the way they do and beat us fair and square," said New Zealand general manager Grant Dalton. Once again, despite the end result, New Zealanders have done the country proud in helping make the event an exciting series and many, some controversially, are represented in the winning 'Swiss' team. The America's Cup has proven, if anything, that New Zealanders are some of the best sailors in the world. After two days of non-action on the water, with a postponement because of lack of wind followed by a scheduled rest day, the conditions this afternoon were great for sailing, with a sea breeze of about 15 knots at start time. During the pre-start, Team NZ skipper Dean Barker pushed rival helmsman Ed Baird deep into the box. When the boats came back to the line, the start was even, with both on starboard tack and Team NZ to leeward on the left. The early drag race out to the left was even, before SUI100 tacked away. NZL92 followed suit and there was another speed test, with Team edging marginally ahead. When Alinghi came back for the first cross, Team NZ, on port tack so having to give way if required, couldn't quite cross in front, but was able to force the Swiss away. A short tacking duel ensued, with Barker just keeping his bow in front. But late in the leg, during another drag race out to the left, Alinghi were able to survive in the disadvantaged windward position and push Team NZ out to the layline. When the crews tacked back and approached the top mark, Alinghi, with a couple of good luffs that Team NZ had to respond to, managed to establish an inside overlap and rounded 7s ahead. In the first downwind run, Barker's crew produced some superb work, getting close enough to affect the opposition's air. Three-quarters of the way down the leg, NZL92 rolled over SUI100 to hit the front again. As in race six, when SUI100 grabbed the decisive lead on the third leg, Team NZ again elected to round the left-hand gate, while the Swiss rounded the right. As in that race, Team NZ tacked back to cover but Alinghi again got some better breeze on the right-hand side. As the Swiss came back and the boats headed for the first cross of the leg, Team NZ were unable to cross in front but man aged to force Alinghi away. SUI100 skipper and tactician Brad Butterworth initiated a tacking duel, making small gains with each manoeuvre. When the boats settled down to another drag race out to the left, the Swiss remained just behind with starboard advantage. Just out from the mark, in a move called by Butterworth, Alinghi hunted Team NZ, who after tacking on the layline, bore away to go under SUI100's stern. But the Swiss had to alter course to avoid a collision, flew a protest flag and had the umpires rule in their favour. Team NZ rounded the mark 12s behind and with penalty to get rid off. Alinghi appeared to be heading for a comfortable victory before the closest cup match in 24 years produced its unexpected finale.