Team New Zealand has won the latest 2006 pre-America's Cup regatta sailed off Valencia.

Two matches were scheduled in the best of three final and Alinghi won the first, grabbing the lead on the final run to win by 24 seconds after NZL 84 led for most of the way.

But NZL 84 came back strongly in the second match, taking control in the pre-start and never letting go to win by one minute 24 seconds.

In the division 2, Desafío Español swept past Mascalzone Latino-Capitalia 2-0 to claim fifth place after a match that saw the Italians punished for some poor crew manoeuvres.

Meanwhile, Victory Challenge recover from a loss with two well fought wins over Shosholoza and secure seventh place in Louis Vuitton Act 12.

The challengers race a final warm-up Act in April before the Louis Vuitton Cup, from April 18 to June 12. The winner then takes on Alinghi for the America's Cup from June 23-July 7.