Yachting: Team NZ slip from top spot

Team New Zealand's chances of winning act five of the America's Cup pre-regatta appear to have ended at a congested mark rounding on day two of the fleet racing regatta in Valencia.

The Emirates-sponsored syndicate picked up a first and a ninth in the opening day of the regatta and followed it up with a first and a sixth on day two.

The final race in the three-day regatta was sailed overnight.

The New Zealanders completed a flawless first race on day two, controlling the race from the front through four legs right to the finish.

However, race two was over for them at the first mark, where the fleet came within a whisker of a multiple pile-up.

Tacking hard to port, the back of the Kiwi boat nearly hit Alinghi's SUI 75 as the Swiss boat rounded up, its transom in turn nearly striking the bow of the Spanish boat Desafio Espanol, with the same effect on fifth placed K-Challenge.

Fortunately there were no collisions, but the Kiwis were penalised for their actions and forced to carry out a penalty turn. Rounding the mark in third place only 19s off the pace, NZL82 fell back to 10th on completing the 360-degree turn. While the breeze down the leg was better, at 10-12 knots, the crew were given few opportunities to dig themselves out of a deep hole. But they did manage to pull a few places back and finished 6th. Sweden's Victory Challenge had their second win, beating Luna Rossa and Alinghi.

Team New Zealand tactician Terry Hutchinson said they managed to secure the start they wanted in the second race.

"Although we got the left side of the course it wasn't enough to pull us out of the traffic, so when we went for the lay line we didn't have enough room, so we got the penalty fault on Luna Rossa and Desafio Espanol," Hutchinson said.

"Dean and I are still building an intuitive sailing relationship and that requires more practice. We work well together and we have two years until 2007."

The sixth placing took Team NZ from first to fourth equal with BMW Oracle. Last night Sweden topped the leaderboard with 38 points, ahead of Alinghi (37), Luna Rossa (36), Team NZ and Oracle (35).