Larry Ellison (right) introduces Russell Coutts at a news conference

Coutts has won the America's Cup three times - with New Zealand in 1995 and 2000 and Swiss outfit Alinghi in 2003.

The New Zealander has lost only once in 37 match races and has a 14-0 record in the America's Cup final.

"I wouldn't come into the role if I didn't think I'd do well," said Coutts, who was given the job by BMW Oracle's billionaire owner Larry Ellison.

After two victories with New Zealand, Coutts signed up to lead the new Alinghi team for the 2003 America's Cup, taking five of his long-time team-mates with him.

The core Kiwi crew were credited with winning the America's Cup for a European team for the first time since the event began in 1851 but soon after their victory Coutts fell out with Alinghi boss Ernesto Bertarelli and was sacked.

Coutts, who will also act as BMW Oracle's chief executive officer, takes over from fellow New Zealander Chris Dickson, who left after the team were surprisingly routed 5-0 by Italy's Luna Rossa in the semi-finals of the challenger selection series.