Ellison complained the Swiss yachtsman violated the Deed of Gift (or "DoG, " as it is known by sailors) by naming a patsy as Challenger of Record.

FORBES: Water Wars

American syndicate BMW Oracle Racing , bankrolled by software billionaire Larry Ellison, is the so-called "challenger of record", the team that officially laid down the challenge to Alinghi for the next Cup.

BBC: SPORT | Other Sport | Germany make America's Cup debut

The key difference this time is an unprecedented agreement between Bertarelli, chief executive of Serono S.A., the Geneva-based biotechnology company, and fellow billionaire Larry Ellison, whose Team Oracle is the so-called Challenger of Record.

FORBES: Magazine Article

Bertarelli also has taken harsh criticism for tapping an unknown Spanish yacht club with virtually no chance of building a competitive team as the "challenger of record, " to avoid negotiating with stronger teams like Oracle.

FORBES: Billionaire Boat Battle

Ehman admits there has always been an element of collusion between defenders and challengers: In the Cup's history, he says, no "challenger of record" has ever made it out of the semifinals, let alone won the match.

FORBES: Magazine Article

German-based mandatory challenger Kotelnik, 30, has an impressive record of 28 wins (12 knockouts), two losses and one draw.

BBC: Rees facing tough Kotelnik test

Maybe Clinton liked the agency's record of needling New York City Mayor Rudolph Giuliani, the probable Republican challenger.

FORBES: Politics On Madison Avenue