The Royal Swedish Yacht Club has become the Challenger of Record for the 34th America's Cup.

Known as KSSS, the Swedish club will represent all challengers in dealings with the defender, Oracle Racing of San Francisco.

KSSS replaces Club Nautico di Roma, whose sailing team, Mascalzone Latino, dropped out of the America's Cup last week because it couldn't raise the money needed to be competitive.

KSSS' sailing team is Artemis Racing, whose boss is American Paul Cayard.

KSSS automatically becomes Challenger of Record because it was the second challenger to enter behind Club Nautico di Roma.

The America's Cup will be held in 2013 on San Francisco Bay.