Today, in part two of an exclusive online series on the 1995 campaign, some of the crew and those close to the team relive the drama of the cup match, the wild celebrations in San Diego, and the incredible scenes when they arrived home.
The win highlighted the New Zealand marine industry's place at the forefront of innovation, inspired a new generation of sailors, and sparked the beginning of a complicated love story between New Zealand and the America's Cup.
It is a legacy team boss Grant Dalton is fighting to keep alive.
"That legacy is not lost on us, we remain strong, we remain committed and we want to bring the America's Cup back. That's why we exist," said Dalton, reflecting on 1995.
In the past 18 months since Team NZ's heartbreaking 9-8 defeat to Oracle Team USA in San Francisco, the team have at several points teetered on the brink of closing their doors. They survived the lengthy delay between the end of the 34th America's Cup and Oracle releasing the protocol for the next event through the help of a $5 million grant from the Government. But when pleas were made for further Government funding while they awaited further details of the event, Team NZ - and in particular Dalton - copped a bitter public backlash.
The confirmation of the commercial wasteland of Bermuda as the venue for the 2017 event also hit Team NZ hard, forcing them to slash $20 million from their budget and undergo an extensive restructure, ending in the messy departure of long-serving skipper Dean Barker.
It was always going to be hard to win a public relations battle when you're pitted against one of the nicest guys in sport, but the team's poor handling of the announcement made that task impossible.
The most recent blow for the team came when the America's Cup Events Authority, as part of sweeping cost-cutting measures, reneged on an agreement awarding Auckland hosting rights for the qualifying series in early 2017, ending Team NZ's chances of any further Government investment in the next campaign.
While Team NZ have not given up hope of having Auckland reinstated as the venue for the qualifying regatta, their chances of success in arbitration appear slim.
This week, there was, in the words of Dalton, a lifting of the clouds over the Team NZ base, with the news the team's key sponsor Emirates has recommitted to another campaign. The financial details are not known, nor is it known how many other sponsors have inked deals with the team, but it was the strongest indication yet the team are back on track.
"Does it get us to the line? It's certainly a major step in the right direction and we're continuing on toward the cup as a result," Dalton told AP.
"We're a good bunch of battlers and there's no guarantees, but we've been down before and fought our way back."
As Dalton points out this is not the first time the team has endured turmoil in the 20 years since first getting their hands on the Auld Mug. He hopes they are through the worst of the latest stretch of troubled waters.
"It's kind of lifted this cloud over the place. A cloud that we knew internally wasn't really there, but I think the public will have a different view of us ... I hope that's the case anyway," he told TVNZ's Breakfast show yesterday.
If Dalton hasn't always proved an easy character for the New Zealand public to get behind, Peter Burling, the team's new helmsman - and likely next skipper - is shaping up as the key to restoring the team's image. Over the past year Burling and his partner in the 49er Olympic class, Blair Tuke - also a member of Team NZ, have been one of the few good news stories coming out of the syndicate as the pair have continued their remarkable unbeaten run since the London Olympics.
Burling also beat out several seasoned America's Cup names to claim the Moth World Championships earlier this year.
Coutts believes Burling is the future of Team NZ. "He's just an amazing talent. Quite possibly the best sailing talent in the world right now," Coutts told the Herald.
Comparisons between Coutts and Burling have long been drawn. They both come across as serious characters known for their intense focus on sailing, and both possess the same kind of talent borne from hours and hours of training.
But Coutts believes Burling is a much better sailor than he was at the same stage in his career.
"He has got much broader skills than what I had. He can jump into trapeze boats and single-handed boats, he won the Moth worlds. He's got skills across the board, which in the modern era is what you need. He's a tremendous talent."
A tremendous talent with a tremendous weight on his shoulders.
3 Things on the state of play for Team NZ
1. Team NZ this week announced their major sponsor, Emirates, had recommitted to the next campaign - the strongest indication yet the team are back on track to challenge in Bermuda in 2017.
2. The team are continuing to fight the America's Cup Events Authority's decision to cancel an agreement to hold the qualifiers in Auckland in favour of holding all racing in Bermuda. Hosting the regatta is vital to Team NZ's chances of further government funding.
3. The team's first competitive outing for this America's Cup cycle will be at the opening world series event in Portsmouth in July.
