Wild Oats XI finished in one day, eight hours, 48 minutes and 50 seconds, smashing the previous record set by Perpetual Loyal last year.

Australian Supermaxi yacht Wild Oats XI heading to Hobart during the Sydney to Hobart yacht race on December 27, 2017.
Australian Supermaxi yacht Wild Oats XI heading to Hobart during the Sydney to Hobart yacht race on December 27, 2017. (Reuters)

Australian super-maxi Wild Oats XI smashed the race record as they won their ninth Sydney to Hobart bluewater classic on Wednesday, but face the possibility of a protest from second-placed LDV Comanche for a near-collision just after the start.

Wild Oats, helmed by Mark Richards, crossed the line in the River Derwent after steaming down the eastern coast of Australia at an average of around 20 knots before being becalmed in the final few miles.

They finished in one day, eight hours, 48 minutes and 50 seconds, smashing the 1:13:31.20 record set by Perpetual Loyal, which has been renamed InfoTrack, last year.

Wild Oats, however, could face a protest from the Jimmy Spithill-helmed Comanche after the pair narrowly avoided a collision about 15 minutes into the race on Tuesday.

America's Cup winner Spithill was heard on television yelling "that's way too close" as Wild Oatscompleted a tack.

Comanche put up a red protest flag at the time and have six hours after the race to lodge the paperwork.

Organisers said Wild Oats had the option of doing a 720-degree turn at the time of the initial protest if they accepted blame but chose not to and could face a minimum five-minute time penalty if the protest is upheld.

Yachts LDV Comanche, InfoTrack and Wild Oats XI compete at the start of the annual 630 nautical miles (1166 kilometres) Sydney to Hobart Yacht Race on Sydney Harbour, December 27, 2017.
Yachts LDV Comanche, InfoTrack and Wild Oats XI compete at the start of the annual 630 nautical miles (1166 kilometres) Sydney to Hobart Yacht Race on Sydney Harbour, December 27, 2017. (Reuters)

Comanche were about 1.4 nautical miles behind Wild Oats when the Oatley Family-owned yacht crossed the line.

Comanche had held a lead of up to 20-nautical miles overnight, but Richards kept Wild Oats closer to the coast of Tasmania in the strong north-east winds and jockeyed for the lead.

Comanche, however, surged back as they neared Tasmania and the pair engaged in a fascinating match race in the final approach to Constitution Dock.

They were both becalmed in light winds when they entered the final push with Wild Oats sneaking back in front with less than 10 nautical miles left in the race.

The top six finishers are all projected to beat last year's record. The other two super-maxis in the fleet, Black Jack and InfoTrack, are third and fourth respectively.