Alinghi has won the 32nd America's Cup, beating Team New Zealand by one second in a thrilling seventh race to take the series 5-2.

The Swiss syndicate become the first European team to defend the Cup, their crew cheering with relief having almost lost the race when their spinnaker pole snapped off the mast.

As Alinghi fans rang cowbells out on the water, the Kiwi crew sat with their heads bowed, hardly speaking to each other.

In the closest and most enthralling series for years, Team New Zealand had fought doggedly to win back sailing's most prestigious prize, which they lost to Alinghi 5-0 in 2003.

Tuesday's race was a heart-stopping end to the best-of-nine series with the boats hardly more than a boat length apart for most of the race, playing clever tactical games to win a few metres of advantage.

The turning point came at the top of the second upwind leg when Team New Zealand got enough advantage to "dial down", turning downwind and attacking Alinghi nose on.

Alinghi had to swerve to miss them and the umpires slapped New Zealand with a penalty.

Coming back downwind, Alinghi had more problems with their gybes and suddenly the pole that holds out the bottom corner of the spinnaker jumped off the mast, the kite went flying off in the wind and the 24-metre yacht came to a halt.

New Zealand swept past the stalled Swiss boat and did a double tack to pay their penalty. Alinghi finally got a jib up and started chasing for the finish line, caught up with the Kiwis and just got ahead.

"It was obviously pretty close but all credit to Alinghi. They sailed well, kept it close, kept on sailing the way they do and beat us fair and square," said New Zealand general manager Grant Dalton.

Alinghi, who brought the Cup to Europe for the first time since the initial race in 1851, now have the right to organise the next event where, when and how they want.

Many Cup followers expect the Geneva-based team to choose a new Spanish yacht club as the challenger of record with whom they will set the rules of the next edition. That raises the possibility the 33rd America's Cup will be in 2009 in Valencia.

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