The Australian team embark on a lap of honour

Hoy, a five-time Olympian, was a member of the gold medal winning teams in Barcelona and Atlanta.

Australia finished on 146.80 penalty points, ahead of Britain on 161.00 points. The United States was third on 175.80 penalties, ahead of Germany on 241.80.

The British team of Funnell, Jeanette Brakewell, Leslie Law and Stark were in sombre mood afterwards, feeling they should have won.

They were trailing after the cross country on Monday, but had remained confident that they would be able to overhaul the Australian lead in the show jumping.

Pippa Funnell sealed silver with the final GB ride

After Stark pulled out, the remaining three riders produced solid displays to secure the podium place.

Brakewell incurred 11 penalty points on Over To You, Law 10 with Shear H20 and Funnell 13 on Supreme Rock, enough to claim Britain's fifth medal of the Games.

"It's hard," said Funnell. "The initial reaction is disappointment because we felt so strongly that we could make a comeback.

Disappointment

"Later we'll be chuffed to bits and will celebrate - but we were so positive we would do it."

But proud British team manager Matt Straker refused to be downbeat about the silver - and praised the team for their efforts.

The Princess Royal watches the GB team clinch second spot

"I'm delighted, thrilled to bits," said Straker. "It was a fantastically hard fought competition and the intensity remained right until the last two jumps.

"For us to win our first medal since 1988 is a huge boost. Inevitably they wanted the gold, and they fought right to the bitter end.

"But the best team came through. They (Australia) had four horses and we were down to three, but I'm really proud of them. They worked really hard and they got what they deserved."

Only six of the original 12 teams were able to complete the three-day event.