It was the highlight of a day of celebration laid on by Diamond44, a community group set up by Terry Overall and Jack Waterfall.

"Everything went according to plan thanks to contributions from hundreds of supporters," said Cllr Waterfall. "We're particularly grateful to the Countryside Agency for a grant of more than £20,000."

The day's events began early in the morning when the present Dean of Ely, the Very Rev Dr Michael Chandler, laid a wreath on the grave of his predecessor, Charles Merivale, one of the founders of the Boat Race in 1829.

He then led a service in Ely Cathedral that was addressed by the Bishop, the Rt Rev Dr Anthony Russell, who said: "Today is a celebration for Ely and rowing. It recalls an important event in our history."

During the service commemorative medallions were presented to six veterans of the original race - Martin Whitworth, Donald Ramsay, Ian Phillipps and David Paul from Cambridge with Dr Michael Brooks and Richard Turner-Warwick from Oxford.

The action then moved outside as groups of re-enactors gave the city a 1940s flavour and the veterans unveiled a plaque on The Old Boathouse Restaurant, where they had started their epic encounter when it was Appleyard's Boathouse.

They then sailed to the Queen Adelaide course on board the Riverboat Georgina, arriving just in time to see a Spitfire piloted by Alister Kay make three dramatic passes over the crowds gathering for the big event.

They had been entertained by young members of the Ely Sailing Club taking part in a mini regatta and also watched rowing races involving the Forces and quads from The King's School Ely and The Leys School Cambridge. The Army won the Forces contest and The King's School triumphed in boys' and girls' quads.

More than 5,000 people lined the banks - as they had in 1944 - by the time the present Oxford and Cambridge veteran crews set off along the mile-and-a-half course a little late because a video camera on the Cambridge boat was damaged.

With Olympic gold medallist Tim Foster umpiring from the historic steam launch Consuta, the Cambridge crew took an early lead and pulled ahead throughout the race, passing the finishing line four-and-a-half lengths ahead.

The day finished with a post-race dinner at The King's School, hosted by James Crowden and addressed by Tim Foster.

Meanwhile, at the Maltings, Ely's mayor Philip Eden entertained a group of fellow civic leaders and revellers enjoyed a 1940s-style dance to the strains of the Umbrella Big Band.