Two points are all that stood between New Zealand Star-class sailors Rohan Lord and Andrew Taylor and a place in the Olympics.
It was originally thought Lord and Taylor had done enough to secure New Zealand a place in the Star class after they finished 18th at the worldchampionships in Italy.
But the placings were later adjusted after a Spanish crew whose boat was damaged in a collision were awarded average points for the last two races, securing them seventh spot.
Twelve nations had already qualified for the Olympics, leaving just four spots open. They went to Spain, Denmark, Canada and Germany.
The New Zealanders, who teamed up only last year, finished two points behind Germany.
Yachting New Zealand chief executive Simon Wickham said the pair would be "gutted". "But it is getting harder and harder, as the sport becomes more and more professional, to come in late and be able to qualify."
New Zealand has qualified in seven of the 11 Olympic classes.
Five crews were officially named in the New Zealand Olympic team yesterday but more could be added after regattas in Europe this month.
Boardsailing veteran Barbara Kendall heads the list confirmed for Athens, where the former world champion will be taking part in her fourth Olympics.
Others are Europe sailor Sarah Macky, Laser sailor Hamish Pepper, boardsailor Thomas Ashley and the men's 470 pairing of Andrew Brown and Jamie Hunt.
New Zealand has qualified a spot in the Finn class and the final selection trial, between Dean Barker, Peter Fox and Clifton Webb, will be the European championships in France starting this weekend.
New Zealand has also secured a spot in the women's 470 class. Melinda Henshaw and Jan Shearer, having won the national trials in January, have the inside running over main rivals Shelley Hesson and Linda Dickson.
But they have to show, through their performance at the world championships beginning in Croatia this week, that they have the potential to finish in the top 10 at Athens.
New Zealand hopes to qualify in the Yngling class at the world champs starting in Spain on Friday.
