The old yachting romantics told me there's nothing like the first leg of the first race of the America's Cup.

Emirates Team New Zealand managing Grant Dalton has categorically ruled out making any legal challenge against Oracle Team USA.

Don't be unduly surprised if next Saturday night at Ellis Park, Johannesburg, the All Blacks are upstaged by 95-year-old Nelson Mandela kitted out in a Springbok jersey and reprising his 1995 World Cup final gig.

Emirates Team New Zealand's defeat at the hands of Oracle is a blow for this country's boatbuilding businesses and Government backing for a future America's Cup challenge will be crucial for the local marine sector, says an industry group boss.

Government funding for another America's Cup bid could depend on what sort of regatta is held and where it takes place, Steven Joyce says.

Barker did all that he could.

Back in May, a couple of weeks after Team New Zealand had packed up their operations for San Francisco, I found myself walking around the empty corridors of their abandoned Halsey St base.

Not since the Mayflower has the English seafaring community made such a big claim in America.

Here's how it might have gone down. This is entirely fictionalised and based on a lot of the talk buzzing round America's Cup circles right now.

New Zealand Olympic Committee chief Mike Stanley has written an open letter expressing his pride in Team NZ.

Internet millionaire Kim Dotcom has vowed to help pay for Team New Zealand's next America's Cup campaign if the Government doesn't stump up funding.

It was the eerily quiet, almost sombre, atmosphere as the team launched their boat yesterday morning that hinted it was all over before it began.

Oracle Team USA's secret weapon is still that - secret.

Ellison appeared in public for the first time since the regatta began. He was giving little away about plans or venue for the next race.

The camera settled for a moment on Dean Barker, steering the Emirates Team New Zealand AC72 back to base. His was the face of a stricken man.

Russell Coutts has been credited as the mastermind behind Oracle Team USA's remarkable America's Cup comeback, overseeing his fifth Cup triumph.

Parliament has paid tribute to Team New Zealand and skipper Dean Barker “on behalf of four and a half million Kiwis” in the House this afternoon.

Prime Minister John Key says Team New Zealand's loss today was "gut wrenching" but he believed there would be a lot of pride in New Zealand about the way it had conducted itself.

The future of Team New Zealand is in doubt and team boss Grant Dalton thinks his association with the America's Cup is over after Oracle retained the Auld Mug in San Francisco this morning.

The first words from losing Emirates Team New Zealand skipper Dean Barker, coupled with his ashen face, showed the pain of top level international sport.

Oracle Team USA have landed the final knock-out blow on Team New Zealand, taking out today's winner-takes-all race.

Herald yachting writers Dana Johannsen and Paul Lewis answer the burning questions after Oracle successfully defended the America's Cup.

It was winner take all. And Oracle Team USA took it. Read how they did it, here.

Each morning Lisa Sutton heads down to Shed 10 to watch the racing in her red socks, a flag round her shoulders and a bottle of cold champagne.

There's a curious question forming over the top of Oracle Team USA's remarkable defence of the America's Cup.

The Government is waiting for the America's Cup to conclude before making a call on paying for another regatta.