(CNN) -- BMW Oracle won the America's Cup as victory in Sunday's second race off Valencia against Swiss holders Alinghi gave them an unassailable 2-0 lead in the best-of-three series.
The syndicate, founded by software magnate Larry Ellison, is the first American team to win yachting's most prestigious trophy since 1992.
Ellison was on board as they clinched victory by a margin of five minutes and 26 seconds, underlining their superiority against Alinghi, who made a series of uncharacteristic errors in both races off the Spanish coast.
"It's an absolutely awesome feeling. I couldn't be more proud," said the 65-year-old billionaire, who fought a lengthy legal battle to earn the right to challenge the Swiss syndicate.
The victory means the Golden Gate Yacht Club of San Francisco will now defend the America's Cup in the 34th staging of an event which dates back to 1851.
Oracle have held the technological edge in both races, with a radical 223ft (68 meters) wingspan on their catamaran.
Alinghi, who won the trophy with a 5-2 win over Team New Zealand in Valencia in 2007, dropped a possible protest after the second race as the result was confirmed.
Light winds meant the start of Sunday's race was delayed for six hours, but when racing got underway Alinghi were again at a disadvantage having been penalized before the start, as in Friday's defeat.
But with Ernesto Bertarelli at the helm, Alinghi held an early lead of over 600 meters before Oracle established a winning advantage of their own, touching speeds of 30 knots on the 39-nautical mile course.