Wild Oats XI has been stripped of line honours following a successful protest over a near collision with LDV Comanche on Boxing Day.
Wild Oats Xi was penalised an hour for the incident - which wiped its 26 minutes and 34-second winning margin - they finished 16 minutes ahead of LDV Comanche.
As a result, LDV Comanche has been named the new line honours winner.
The decision was made by a five-person jury in Hobart on Thursday.
A tweet posted by the Rolex Sydney to Hobart page confirmed the decision.
"Breaking: Wild Oats XI had to keep clear, failed to keep clear while tacking, Oats did not do turn. Decision is penalised by one hour. Comanche is line honours winner."
Wild Oats XI skipper Mark Richards said he was disappointed by the decision.
“We are very disappointed but I can see the jury’s point of view... Everyone’s a genius in hindsight. We made or decisions and have to live with them today. We’ll get back up on the horse.”
LDV Comanche owner Jim Cooney said he was surprised by the verdict.
“It’s a surprise, a very pleasant surprise to be standing here."
Comanche earlier said it planned to formally lodge a protest against Wild Oats, after the near-miss coming out of Sydney.
The boats came perilously close to colliding about 15 minutes into the race on Boxing Day, with the LDV Comanche crew raising a protest flag shortly afterward.
Wild Oats XI's skipper unconcerned about Comanche protest
Earlier Mark Richards said he was unconcerned about the protest.
"There was an incident there inside Sydney Harbour, which I think was totally innocent and we should be able to defend ourselves against that situation pretty clearly," he said.
"Outside of America's Cup, it is the Sydney to Hobart, the rules are quite different. We did exactly what we had to do in that situation, kept the boat safe in one piece, and that's what we did. So I am not concerned about it at all."
Black Jack was in third place, with InfoTrack -- the 2016 record-setter when named Perpetual LOYAL -- fourth and narrowly ahead of Hong Kong entry Beau Geste.
Jazz Player, Wots Next and Rockall were forced to retire, while Opt2go Scamp is repairing rotor damage at Eden and hopes to finish.
The Super Maxi crossed the finish line at 9.50pm on Wednesday, in a time of one day, eight hours, 48 minutes and 50 seconds.
Wild Oats XI was stripped of line honours on Thursday night. Source: AAP
Tightest race in decades
In the tightest race in decades, Wild Oats XI overtook LDV Comanche on the River Derwent with about five nautical miles to go.
Fuelled by a strong north-easterly, WIld Oats XI chipped away at LDV Comanche's overnight 20 nautical mile advantage to be within a few hundred metres heading into the River Derwent.
There, it picked up a breeze to crawl into first place as her rival slowed to a near halt.
Wild Oats XI retired from the past two Sydney to Hobart races due to mechanical issues but has now set the race record for the third time.
