The competition exists out of two rounds, each with races of up to eight boats. In each round, the top few with the fastest time advance to the next round, together with a number of fastest non-qualifiers. The fastest team in the final is the winner of the event.
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Seven teams qualified for the event with all teams having a chance for the medals. Germany was the reigning world champion, also having won the title in 2018, but Great Britain was the defending Olympic champion and reigning European champion. Australia and the Netherlands took silver at the world championships of 2018 and 2019, respectively, and Romania took silver at the European championships. The United States and New Zealand were certainly dangerous outsiders, finishing just outside of the medals at the world championships.