Supermaxi LDV Comanche has been awarded Sydney-Hobart line honours after its protest against Wild Oats XI was upheld over an incident early in the race.
Wild Oats XI was found to have breached race rules over a tacking move on Boxing Day.
The eight-time winner was penalised one hour after lengthy deliberations by a five-person international jury in Hobart this afternoon.
Wild Oats XI had crossed the finish line in record-breaking time but was only 26 minutes and 34 seconds ahead of LDV Comanche.
Wild Oats XI skipper Mark Richards said he and the yacht's crew accepted the jury's findings and penalty.
"Not very often do you smash a Sydney to Hobart record and then get it taken away from you but it's happened to us today," he said.
"We're very disappointed but we have to cop it on the chin."
LDV Comanche skipper and owner Jim Cooney described the decision as "fair".
"It's always a bit of a shame it may happen in these circumstances," he said.
"The jury decided very clearly that there was an infringement in the harbour that penalised us.
"When things come down to the wire so closely like that I think it's only fair and reasonable that the jury acted the way they did."
The jury canvassed several witnesses and reviewed television before making its decision.