A shattered Team New Zealand crew was reflecting today on what might have been after one of the most closely fought America's Cup matches in history.
The 5-2 scoreline in favour of Alinghi - sealed with an amazing one second victory this morning - hides the true story of a contest where no winning margin was more than 30 seconds.
Team NZ boss Grant Dalton expressed the painful combination of pride and disappointment that the team felt today.
"The guys have done an amazing job, and right now aren't feeling that sharp - it's been a long four years," Dalton said. "I am of course enormously proud of them but Alinghi did a better job than us.
He described the feeling of losing as being like having your heart "dug out with a spoon".
But he added: "We didn't come here to take part, we came here to win it and we haven't done that."
Skipper Dean Barker paid credit to his opponents, saying: "The guys at Alinghi are just doing it a little bit better at the moment."
Ernesto Bertarelli, Alinghi's president, conceded that Team New Zealand had been tough opponents and winning had been much harder than the 5-0 win in Auckland in 2003.
"I don't think anyone can remember a more exciting match. Every single race was unbelievable," Bertarelli said.
Auckland City Mayor Dick Hubbard pledged to hold a civic reception for Team New Zealand's yachtsmen, describing them as "winners and heroes" though they lost.
"Team NZ are still winners in terms of what they have done for New Zealand," he said. "I think this is just a setback."
The Government immediately committed $10m to allow another challenge to be mounted for the next America's Cup, which could be held in Spain as early as 2009.
However, Bertarelli said no announcement would be made for a couple of days.
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