Updated May 17, 2011

The Royal Swedish Yacht Club is the new Challenger of Record for the 34th America's Cup following the sudden withdrawal of Mascalzone Latino, the entry for the Club Nautico Di Roma, which held the title until last week. The Swedish club's team, Artemis Racing, was the second challenger to enter the event and therefore takes over the mantle of Challenger of Record.

Much of the groundwork for the challengers was done by the Italian yacht club, but now the Swedes will take over the position.

"We thank CNR and their team Mascalzone Latino for their efforts in the important start-up phase of the America's Cup," said AC34 Regatta Director Iain Murray. "While we are disappointed to lose a great Italian contender in Mascalzone Latino and CNR, we are confident in the leadership we anticipate from the KSSS and Artemis Racing."

Artemis Racing, which sailed in the Louis Vuitton Cup in 2009-2010, has been successful on the Transpac 52 and RC44 circuits, brings several well-known American sailors to the forefront of the Cup.

The team is lead by America's Cup and Volvo Ocean Race veteran Paul Cayard, who is the CEO. Terry Hutchinson is named as the team's helmsman. The team also has such legendary Cup veterans as Tom Schnackenberg and perhaps the most well-known performance racing designer of the moment, Juan Kouyoumdjian. Olympic Gold Medalist Bob Billingham, who also served as the chief operating officer for Cayard's 2000 AmericaOne campaign reprises the role for Artemis.

Mascalzone Latino team leader Vincenzo Onorato posted a letter on the team's website May 12 saying that it withdrew because it could not fund a challenge that they felt would be successful.

"I'm not interested in a hopeless challenge," Onorato wrote.

Mascalzone Latino's withdrawal puts the number of teams entered in the 34th America's Cup to be sailing in San Francisco in 2013 at 13 including defender Oracle Racing.