A post-race drama has overshadowed one of the closest finishes in Sydney to Hobart history, after a protest was lodged against provisional line honours winner Investec LOYAL.

Investec LOYAL crossed the line about 7:15pm (AEDT) on Wednesday after two days, six hours, 14 minutes and 18 seconds. Just three minutes and eight seconds behind was five-time winner Wild Oats XI.

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Listen Duration: 4 minutes 11 seconds 4 m 11 s Cruising Yacht Club Commodore Garry Linacre Download 1.9 MB

But within half an hour celebrations had turned sour.

The race committee lodged a protest against the supermaxi for allegedly asking a third party for assistance during the race.

The crew of Investec LOYAL have been accused of asking the crew of the ABC helicopter to tell them what sail Wild Oats XI was using when the yachts were just off Merimbula on the NSW south coast.

In an audio recording, Investec LOYAL tactician Michael Coxon is heard asking: "Can you confirm, does Wild Oats have their trysail up? What colour is the mainsail they've got up?"

Race commodore Garry Linacre told a press conference the conversation was recorded, sent out and heard by others.

This morning Investec LOYAL skipper Anthony Bell and members of his crew faced an international jury in a hearing which got underway at 10.00am (AEDT).

The yacht could be disqualified, or face a time penalty.

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Watch Duration: 27 seconds 27 s Listen to Investec LOYAL's conversation with the ABC helicopter

Bell says he is confident the hearing will confirm Investec LOYAL as the line honours winner.

"We respect that there's rules in racing, we respect the fact that there's rules to yachting," he said.

"We are confident the outcome will confirm our victory in the race."

The crew were told about the protest after they crossed the finish line.

The skipper of Wild Oats XI says Investec LOYAL deserves the win and should keep the title.

"There were three stages to the race where we had a really big lead and we lost it, had no wind at all and they sailed around us," Mark Richards said.

"They did a fantastic job and we congratulate those guys. We'll have to come back next year and have another crack."

Mr Linacre says it is a "disappointing situation".

"I am very sorry about this; I can assure you I could well do without it," he said.

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Watch Duration: 3 minutes 19 seconds 3 m 19 s Investec LOYAL skipper Anthony Bell talks to ABC News Breakfast

Investec LOYAL and Wild Oats XI had jostled down Tasmania's east coast in a light northerly breeze but the brakes came off when they rounded Tasman Peninsula late on Wednesday afternoon.

At the mouth of the River Derwent only a few hundred metres separated the two yachts and the pair raced for the line in a dying sea breeze.

Several thousand people lined the Hobart waterfront for the finish.

It was the fourth closest race in the event's history.

The race's closest finish was in 1982 when seven seconds separated Condor of Bermuda from Apollo.

Meanwhile, the battle for race handicap honours is heating up, with most of the top contenders for overall winner still at sea this morning.

Loki finished fourth and is currently the benchmark for the race.

Leading the charge is the New South Wales yacht Victoire.

Close behind by about 40 minutes on corrected time is the 1993 overall winner Wild Rose. The 2009 handicap winner Two True is in third.

It is going to be a tight contest, with fickle weather conditions continuing to pose challenges.

Race spokeswoman Di Pearson says at this stage it's anyone's race.

"Should they get conditions, say a north-north-easterly that pushes them home quickly, that situation could completely change," she said.

A final result could be in late tonight.