AMERICA'S CUP: A diver walks along the deck of one of Team Dennis Conner's Stars and Stripes yachts, USA-77 yacht (above), after it sank about one mile off the coast of California near Long Beach while tuning up for the America's Cup.

Conner was not on board when the yacht sank but went with salvage crews who used a crane and air bags to raise the boat and tow it into the Long Beach Marina.

Skipper Conner (59), said there was "no question" the high-tech racing sloop would be repaired in time for the qualifying races, which begin on October 1st off Auckland, New Zealand. "We will be sailing again before the trials and everything will be fine," he said. "We are extremely fortunate."

All 15 crew members on board the Stars and Stripes were rescued after it sank when the rudder shaft broke and tore a hole in the boat's carbon fibre hull. The 80ft vessel was raised after about six hours and was towed to Conner's compound on Terminal Island. "The good news is no one was hurt," he said. "The crew hardly got wet."

Although the boat went down in fewer than five minutes, Conner said the crew had time to take down the mainsail and jib before jumping onto nearby tenders. All that was visible before the vessel was raised was about 60ft of its 110ft carbon-fibre mast. Conner has won the 151-year-old America's Cup four times, though not since 1988. He has also lost it twice.

America's Cup yachts weigh about 25 tons, with the bulk of the weight in the 20-ton lead keel bulb that hangs about 14ft beneath the water line. The America's Cup match will begin in February between two-time winner Team New Zealand and the winner of the Louis Vuitton Cup for challengers.