A remarkable match at Riverside saw the home side cruising at 4-1 up only to have three players sent off in 15 minutes before hanging on for a 4-4 draw.
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As Olympic's eight remaining players tried desperately to secure the club's first win of the season, Kingborough managed to hit the woodwork five times in the last 13 minutes before the two disbelieving sides settled for a point apiece.
"I don't think I've seen a game like that before," said stunned Riverside coach Alex Gaetani, whose side produced some exceptional soccer before losing their heads.
"That's by far our best performance of the season but to have three sending offs having been 4-1 up with so much time to go, you cannot plan for that. But the remaining eight players on the park should be so proud of still getting a result and not giving up. There's a helluva lot of positive characters in that side.
"We desperately needed a win and that's extremely tough. Not much is going for us at the moment.
"That group of players deserved to win and played some brilliant football. We played the right way and that showed in the type of goals we scored."
Gaetani was spot on about his side's delightful attacking style but the home supporters who were blaming the referee for ruining the game were way off the mark.
Trailing to Kenneth Trac's excellent long-range opener, Olympic scored three delightful goals in 15 minutes and bagged a fourth on the hour mark.
Striker Fletcher Fulton and centre-back Tom Prince scored two each before both getting sent off for straight red card offences.
Fulton's tidy first was set up by Prince's long throughball and his second from a blistering counter-attack with the superb Will Humphrey. A trademark towering Prince header made it three from James Hall's corner with his second rifled in through a crowded penalty box.
Suddenly, Olympic were playing with a swagger and looking imperious. Until the wheels fell off spectacularly.
Already cautioned in the first half, Todd Mitchell could not complain about a second yellow and the ensuing red nine minutes before Fulton was also dismissed for a flying lunge on Byungatae Ahn. Prince became the third to go for diving in on a clean-through Adam McKeown after the otherwise magnificent Ryan McCarragher had slipped on the greasy surface.
Jack Turner's header had already reduced the arrears before Greg Downes curled in two late free-kicks to level the score while Turner, Phil Kantzos, Andrew Taylor and former Launceston City midfielder Shane Cartwright all struck the woodwork and Olympic keeper Will Ferrall threw in a couple of blinding saves for good measure.
Brody Denehey scored twice and also hit the crossbar as Devonport beat LAUNCESTON CITY 2-0 at Valley Road.
A strong defensive showing from Lino Sciulli's defence, led by inspirational keeper Lachy Clark, kept the game goalless at the break.
Denehey struck four minutes from the start and three minutes from the end of the second period while Gedi Krusa claimed City's best chance with a free-kick saved by Nathan Pitchford.
Kasper Hallam also scored a brace to give South Hobart a 2-1 win at Clarence Zebras, who hit back through Riley Dillon.
Women's Super League
LAUNCESTON UNITED blew a two-goal lead to go down 3-2 to high-flying Clarence.
A week after giving her side a lead over Olympia in the cup final, Jess Robinson did the same with a stunning strike in the league against Zebras and when Gonya Luate burst through and added a second before the hour mark, United were flying.
But goals from Olivia Leon, Zoe Nichols and Launceston fitness trainer Selina Steventon from the penalty spot condemned the visitors to a fifth-straight loss.
"After a penalty decision went against us we panicked a bit and lost control of the game," said United co-coach Frank Compton.
"It had been an excellent performance to that point but unfortunately we lacked the ability to close the game down.
"Lots of positives including a welcome 10-minute cameo for the returning Katie Hill, but a tough loss for us to take."
Devonport beat South Hobart 5-2.
Statewide Cup winner Olympia welcomes struggling Taroona to Warrior Park on Sunday while Kingborough has the bye.
Northern Championships
RIVERSIDE produced its best result of the season with a 6-3 defeat of an Ulverstone side which had previously won eight out of eight with just one goal conceded.
As ever, the prolific Meg Connolly led the way with four goals as a Mia Finlay brace completed the scoring to the delight of coach Jo Haezebrouck.
Riverside's result allowed NORTHERN RANGERS to claim outright top spot with a 9-0 win over Somerset.
A Febey Chugg hat-trick, two for Luci Cogger and singles for Moana Chamberlin, Abi Nash, Georgina Perkins and Zara Daniels completed the rout.
LAUNCESTON CITY went down 1-0 at Devonport while Burnie United beat LAUNCESTON UNITED 7-0.
In the men's competition, Wes Chugg, Sam Wagner and an own goal saw NORTHERN RANGERS to a 3-2 win over Somerset.
RIVERSIDE twice went ahead but had to settle for a 2-2 draw with Ulverstone.
Drew Sykes hit a scrambled opener but Olympic's second goal was a beauty, crafted by Aaron Campbell and Macka Hancox and finished by Liam Poulson.
Burnie and LAUNCESTON UNITED drew 1-1.