The race was won by Austrian driver Niki Lauda driving a Ferrari 312T, his second victory for the year after winning Monaco two weeks earlier.
Niki Lauda dutifully gained pole after a technical gremlin held up early leader Carlos Pace and Saturday's qualifying was rained out.
Vittorio Brambilla was third on the grid and Tony Brise stunned on his debut race for Graham Hill, gaining a fourth-row start ahead of Championship leader Emerson Fittipaldi.
By lap 49, Ronnie Peterson crashed into the catch fencing, whilst Brambilla surrendered third place to change a blistered tyre, resuming but retiring with brake problems.
Fittipaldi was also having brake problems, leaving him helpless against the assault of Regazzoni and Tom Pryce as he dropped from fifth to seventh in the last six laps.