Following the announcement last Thursday by Mascalzone Latino principal Vicenzo Onorato, that he was pulling out of the 34th America's Cup for financial reasons, a new Challenger of Record has been appointed.

While Mascalzone Latino, the team of the Challenger of Record, Club Nautico di Roma, had raised some sponsorship it was not sufficient for them to mount a competitive (read 'winning' ) challenge and the team principal made the decision not to proceed further.

No announcement was made at the time by America's Cup organisers, or the Challenger of Record club itself. For an organisation which seems to produce a media release every time a sail is hoisted, the silence was out of character.

Instead they talked off the record of the Club picking up a new Italian team, or continuing to be involved in the same way that Royal Thames was involved in 1974 after the British boat did not proceed. Both options were fanciful in the current America's Cup situation, and the obvious option was for the role to pass to the second team to Challenge, as provided in the Protocol.

That club was Royal Swedish Yacht Club (Kungliga Svenska Segel Sällskapet, KSSS), represented by Artemis Racing, which five days later has become the Challenger of Record for the 34th America’s Cup.

The Challenger of Record is the first team to lodge a Challenge for the next America's Cup, and typically this happens immediately after the conclusion of the last race, and is pre-arranged between the expected Defender and a club with who they believe they can negotiated a Protocol in terms that are acceptable to the Defender. In the case of Club Nautico di Roma this involved signing off on the proposal from Oracle Racing to sail the next match in 72ft catamarans - this first time multihulls had been used in a Multi Challenger, Mutual Consent match.

Once negotiated that Protocol sets the foundation stones under which the next America's Cup will be conducted, and once announced only minor changes are made to the structure of the competition. Once the elimination series starts to find the Challenger for the Match, the Challenger of Record changes as the team is eliminated, and the next remaining Challenger in order of filing their Notice of Challenge steps into the role.

It is not believed that there will be any significant changes to the Protocol, governing the America's Cup as a result of the transition to the new club, who are believed to be 'friendly' to the Defender, Golden Gate Yacht Club. In their letter of acceptance, KSSS have, in fact, confirmed that they accept the provisions of the Protocol negotiated between CNdR and GGYC.