To avoid absurd new challenges, it was decided for the 1992 America's Cup to establish a new Class of boats, the America's Cup Class, which would remain in effect until 2007 (5 versions). The boats, designed according to a Box Rule (some areas subject to restricted limits, others free of constraints), became increasingly technological. In this timeframe, the Cup changed hands twice: first in 1995, when the U.S. loses the trophy to New Zealand, and second in 2003 when the Kiwis are defeated by a rookie team, the Swiss Alinghi, which, for its defense in 2007, will choose Europe (Valencia, Spain) as its venue for the first time.