Wild Oats XI was the first of eight boats which had crossed the line by Wednesday morning, but a protest could see her disqualified from the race.
The race committee alleges the four-time line honours champion failed to have an operational radio for the crossing into Bass Strait - a key safety requirement since the disastrous 1998 race in which six sailors were killed.
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A five-member international jury will decide the fate of Wild Oats, as well as English yacht RAN, which faces a similar protest, in Hobart on Wednesday afternoon.
The line honours trophy, usually awarded on arrival, will be presented shortly after the jury makes its decision.
If Wild Oats is disqualified, the Sydney-based supermaxi Investec LOYAL will be presented with the Illingworth Trophy.
Calm waters along the Tasmanian coast are predicted for much of Wednesday, which could severely slow the progress of the smaller yachts still in the running.
Sydney's Victoire is leading the handicap honours, according to the official race computer, with an estimated arrival time of around 7.30am (AEDT).
