[1][2][3] The tournament was an expansion of the previous Louis Vuitton Cup format, with the defender competing in the first round robin stage.

On 1 October 2013, Australia's Hamilton Island Yacht Club was confirmed as the "Challenger of Record" for the 35th America's Cup.

[4][5] Only moments after the win by USA team Oracle, Hamilton Island Yacht Club (HIYC), located on the edge of the Great Barrier Reef in Queensland, Australia issued its challenge for the 35th America's Cup.

The HIYC challenge was accepted by the Golden Gate Yacht Club, which remained the Defender and Trustee of the world's oldest international sporting trophy.

[6] Australian billionaire Bob Oatley was said to be financially backing the Hamilton Island Yacht Club as the Challenger of Record for the 35th America's Cup.

[11] In an interview on RadioLIVE on 8 June the New Zealand Prime Minister John Key referred to the new America's Cup rules as "Mickey Mouse" and said the government would not help fund a challenge.

The sailing crew is drawn from a mix of previous Americas cup sailors and some of the kiwi gold medal winners at the last Olympic games.

[16] In June 2014, Luna Rossa confirmed they would again be challenging for the Cup, and would retain most of their team, including helmsman Chris Draper, skipper Max Sirena, and tactician Francesco Bruni.

However, after the Challenger Committee, along with Oracle Team USA, chose to reduce the size of the boats from the AC62 class to the AC50, Luna Rossa withdrew in protest.

[18] Crew: After initial trouble with financial backing, Team New Zealand announced their intention to challenge in late June 2014.

The team chose to replace longtime helmsman Dean Barker with 2013 Youth America's Cup winner and Olympic silver medalist Peter Burling.

[23] As the highest placed challenger, Emirates Team New Zealand had the right to choose their opponent, and chose to face Land Rover BAR.

Pinned at the windward mark of the start line by opponent Land Rover BAR in the second race of June 6, Team New Zealand lost control of trim whilst bearing away after the starting gun, pitchpoling and capsizing their yacht; With the crew unable to right the boat without help from their support boat, they were subsequently disqualified when they were boarded by other team members.