American Magic skipper Terry Hutchinson looks back on life-threatening capsize that left him trapped underwater

Heart-stopping footage has emerged of American Magic skipper Terry Hutchinson describing the harrowing moments which followed for his crew, after the boat's capsize during January's Prada Cup Challenger Series.

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Terry Hutchinson was trapped underwater and had to be saved by his crew. Source: 1 NEWS

In the recently-released video by America's Cup organisers, Hutchinson said he went to unclip himself from the boat, but was unable to.

"I was straight away under water and pinned underneath the main sail," Hutchinson said.

"As [Miciel Cicchetti] went by me he could see my head was underwater and that I was trapped. Cooper [Dressler] grabbed his knife and cut the left lung and got me out."

Despite repairing the boat and eventually losing in the Prada Cup semi-finals to Luna Rossa, American Magic has stated its intention to stay involved with the America's Cup.