Emirates Team New Zealand recovered from a dreadful crewing error to snatch victory from Swiss defender Alinghi in a thrilling third race of the America's Cup here Tuesday and take a 2-1 lead in the best-of-nine series.

Having built up what looked like an insurmountable 1min 23sec lead over the Swiss by the first mark, traveller Adam Beashel slipped from the bow and was dunked just as Team New Zealand approached the second mark.

As he refound his footing on deck, the descending spinnaker sail cloth became caught in the jib block.

The Swiss came safely around the mark 1min 02sec off the Kiwis and quickly cut the lead with Team New Zealand struggling to bring in the spinnaker in tricky race conditions off the coast of Valencia that saw shifty winds oscillate between 7-9 knots and swells hit one metre or more.

Alinghi, which had seen their 8sec start over the Kiwis quickly disappear after the first cross on the first leg, eventually took the lead and pushed NZL 92 out wide to the starboard layline.

In a bold move the Swiss tacked wide left before tacking back and squeezing in front of the starboard bow of Team New Zealand to take the lead around the third and final mark.

The Kiwis found themselves 15sec down around the top mark as Alinghi stretched out to an 85m lead but Team New Zealand, with 34-year-old Dean Barker at the helm, did not give up the ghost.

The lead changed hands several times in a thrilling final beat before the Kiwis gybed in front of SUI 100 to hang on for a memorable win.

"Welcome to Las Vegas, are you playing red or black?" joked Alinghi's on-board billionaire backer Ernesto Bertarelli. "Today the wind was never really stable, it varied by 20 degrees. But I really enjoyed myself. We sailed very well to come back from so far behind. After the start, which was good, there was a shift of 20 degrees while our weather team had given us a stable situation."

But despite a second loss to Team New Zealand, Bertarelli said he was looking forward to the next race on Wednesday. "I am confident enough for what's coming up", he said.

The Kiwis' breath-taking victory has historical significance because every America's Cup since 1851 (bar 1871) that has required three or more races has seen the winner of the third race go on to win the match.

Source AFP