The syndicate was initially named "Oracle" for the 2003 campaign and backed primarily by Larry Ellison, the co-founder and CEO of Oracle Corporation, but was renamed in August 2004 to "Oracle BMW Racing" to reflect the German company's role, and subsequently revised again to "BMW Oracle Racing" to reflect increased involvement from "BMW". At the end of December 2010 it was announced that by mutual agreement of both partners, BMW was bringing to a close its longstanding partnership with Oracle Racing and thereby ending its involvement in the America's Cup. Subsequently, the syndicate was renamed to "Oracle Team USA" to compete for the 2013 34th America's Cup.