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