The Challenger of Record (COR) title is an artifact of the process that lets multiple teams compete to face the Defender. Traditionally, as the final race of the America’s Cup ends, the winning yacht club accepts a Notice of Challenge from a foreign yacht club. That entry receives the title of Challenger of Record. In recent practice, some initial terms of mutual consent may be established at that time or be negotiated in the future. Under the 2013 Protocol, the COR also has veto power over amendments to the Protocol, and in certain other situation. The exact balance of power has varied from one Cup cycle to another.
Ultimately, the team that wins the Challenger Selection Series (The Louis Vuitton Cup), and faces the Defender in the America’s Cup Match, becomes the final Challenger of Record. Assuming there are multiple challengers, if the sitting COR is eliminated during the Louis Vuitton Cup, or withdraws for any other reason, the title passes via a chain of succession to another challenger candidate. For 2013, the COR was first Club Nautico di Roma, represented by Mascalzone Latino. They withdrew from the event and the title passed to the Royal Swedish YC, Kungliga Svenska Segel Sällskapet, represented by Artemis Racing. Next in line after Artemis are Royal New Zealand Yacht Squadron (represented by Emirates Team New Zealand), and then Circolo della Vela Sicilia (represented by Luna Rossa Challenge 2013). This succession is formally set out in Article 6 of the Protocol. Also see Challenger Order of Entry for more specifics. RNZYS became the COR after Artemis lost in the Louis Vuitton Cup Semi-Finals.