Alinghi won a thrilling photo finish over Team New Zealand today, squeaking across the finish line one second ahead to take the best-of-nine series 5-2.

"To win at the last second, it's unbelievable," Alinghi owner Ernesto Bertarelli said. "It's done a lot for the sport. It's got my heart."

The Swiss join the United States and New Zealand as having successfully defended their titles in yachting's most prestigious race. Alinghi swept defending winner Team New Zealand 5-0 in the best-of-nine series in Auckland four years ago.

Skipper Brad Butterworth guided the Swiss boat to a second straight Auld Mug trophy in strong and steady wind off Port America's Cup.

The Swiss crossed the finish line after letting a penalty advantage and big lead slip over the last leg. Both boats sailed across the line nearly even, with the Swiss bow barely ahead to win the closest fought series in 24 years.

Swiss President Micheline Calmy-Rey congratulated the team, saying the victory showed "we Swiss find our way at sea, not just in the mountains."

The Swiss team started by celebrating quietly, with heads still shaking in disbelief minutes after the win, after nearly letting the race get away in what turned into a tense final 200 yards.

Alinghi's spinnaker sail flew out as the wind shifted suddenly, and the Kiwis were able to make up a large deficit and perform a penalty turn that had been assessed on the last lap. But the SUI-100 yacht hung on and its bow came across the finish just barely ahead.

The hazy summer day provided even conditions across the race course and a steady and full sea breeze — the reason Alinghi chose the Spanish port city to host the 32nd edition — for the first time all series.

It was a fine end to the closest and most exciting regatta since 1983, when Australia II rallied for a 4-3 series win over Liberty, wrestling the Auld Mug from American shores for the first time in the competition's history.

Butterworth filled the role of Russell Coutts — one of the greatest skippers in America's Cup history — and skippered cagily throughout the series, especially in the final race.

First, Butterworth made up a slight deficit on the third lap with a tacking duel. Then he charged at counterpart Dean Barker near the top marker in a dial-down — a tactic usually employed in the start box — as the SUI-100 yacht was forced to steer clear of the NZL-92 boat.

With a penalty in its pocket and a 12-second lead around the final marker, the Swiss seemed certain to take the race easily.

"I love this team," said Bertarelli, as champagne was finally lifted onto the SUI-100 yacht.

Butterworth was one of five Kiwi crew members left over from the Team New Zealand team that won back-to-back cups in 1997 and 2000 before abandoning ship for Alinghi in 2003. They celebrated with the rest of the seven nationalities which make up the crew, including the lone Swiss, Bertarelli.

The Kiwis know they will have to return to Europe if they hope to take back the Cup.

"They beat us fair and square in the end," crew member Grant Dalton said, his voice shaking slightly.