The BBC's Damian Grammaticas: "Two bodies are still missing"

Military helicopters found two more bodies on Monday night, believed to be from the veteran Australian cutter the Winston Churchill. Another member of the crew is still missing along with British Olympic sailor Glyn Charles.

Australian authorities say there is no hope of finding the two men who were lost in mountainous seas during the competition.

Red Harrison reports: Sombre moments as the Sayonara crosses the finish line

Australian Maritime Safety Authority (AMSA) spokesman Brian Hill said: "It's tragic but most people would realise that we do have to be realistic".

AMSA officials said the decision to suspend the search - which could be reactivated if either missing sailor is sighted - was taken at 1700 local time (0700 GMT) and the last search aircraft ended its sortie 15 minutes later.

Survivor Richard Winning: "Frightening" experience

Two men from another stricken boat, the Business Post Naiad, also lost their lives.

The skipper, Bruce Guy, had a fatal heart attack as his boat rolled in 30ft-high waves. Crew member Phil Skeggs drowned, strapped to the deck in a safety harness.

The death toll was three times the number of fatalities previously recorded in the 54-year history of the event.

As the death toll rose, news came in that one vessel, the Sayonara, had actually come through the stormy seas to win the race.

But as the winning vessel crossed the line, the mood was not one of celebration.

The Sayonara's owner, American billionaire Larry Ellison, vowed not to return.

"My reaction is not if I live to a thousand years. But who knows," he said when asked if he would come back to complete a hat-trick following his 1995 and 1998 wins.

'Not what it's supposed to be about'

Mr Ellison, head of US computer systems company Oracle, added: "It wasn't a race. We were not focused on a race.

"We were focused on getting this boat here in one piece and every one of the crew here."

Looking back on the storms and the deaths, he said: "This is not what it's supposed to be about. Difficult, yes. Dangerous, no. Life-threatening, definitely not."

More than 50 crew had already been airlifted from distressed yachts by navy helicopters, after Sunday's gale, when 80 mile an hour winds and mountainous waves, devastated the fleet of 115 competing in the famous blue water race.

No joy for race winner Larry Ellison

Many sailors had been injured, with dislocated shoulders, broken legs, cuts and bruises, according to the Australian Maritime Safety Authority.

Four yachtsmen in one of two life-rafts from the veteran Winston Churchill were winched to safety late on Monday afternoon before another two were located in the second raft.

Winston Churchill skipper Richard Winning, who was plucked to safety from one of the life rafts, told of his grief at losing members of his crew.

"I personally won't race (again)," he said.

"I've been sailing with those guys since I was a young child. It's shocking to lose your mates like this."

Some 69 yachts pulled out of the race. Many of the vessels suffered severe damage in the storms - some of them lost their masts, and had their rigging smashed to pieces. Others suffered serious structural damage as they fell from the crests of giant waves.

The Sayonara crossed the line several hours ahead of defending Australian champion Brindabella, missing the course record of two days 14 hours 7 minutes by less than four hours.