KEY POINTS:
Chris Dickson's BMW Oracle Racing have set the benchmark in the challenger series beating Emirates Team New Zealand by a comfortable 38 seconds.
With round one finally completed in Valencia, BMW Oracle Racing sit at the top of the leaderboard with 21 points. Luna Rossa are second with 19 and Team New Zealand a concerning third with 18 points.
Spain are fourth with 17 and Mascalzone Latino fifth with 14 points
Round two starts tonight (NZT).
Dickson's day didn't get off to the best of starts when he suffered his first loss of the competition to Desafio Espanol.
There were hugs, handshakes, high fives and of course fireworks when the Spanish boat crossed the line ahead of Oracle.
With Karol Jablonksi at the helm and New Zealander John Cutler calling tactics, Desafio Espanol sailed a cool, calm race to beat the American syndicate by an impressive 1 minute. However the result is pending as Oracle appear to have lodged a protest.
The Americans didn't let the loss get to them by turning around and thumping Emirates Team New Zealand by 38 seconds.
The much-awaited clash between Team New Zealand and Oracle kicked off with a spectacular start where Dickson looked to have Team New Zealand skipper Dean Barker locked out at pin end.
However Barker managed to wiggle his way out and charged over the start line with a healthy lead over the Americans.
Team New Zealand eased their way out to a comfortable lead in the first half of the beat however the Americans nailed the wind shifts perfectly and rounded the first mark right on the New Zealanders hip.
Oracle then rolled Team New Zealand on the run. By the gate they were 24 seconds ahead.
The New Zealanders came back to within a boat length in the early stages of the second beat but the Oracle afterguard were in tune into the windshifts and made a considerable gain near the end of the leg.
Rounding the third mark 34 seconds ahead, the Americans cruised to an easy victory.
The win indicated that BMW Oracle Racing's USA98 may have had a slight speed edge over NZL92 in yesterday's light conditions.
Team New Zealand beat Victory Challenge in their first match of the day by a decisive 1 minute 42 seconds.
In the other big match of the day Luna Rossa came from behind to beat Mascalzone Latino in the Italian derby.
Mascalzone lead their countrymen over the start and around the first two marks before Luna Rossa rolled them on the second upwind beat and went on to win by a comfortable 49 seconds.
