One of the oldest and best-known trophies in international sailing yacht competition. It was first offered as the Hundred Guinea Cup in 1851 by the Royal Yacht Squadron of Great Britain for a race around the Isle of Wight. The cup was won by the America, a 100-foot (30-metre) schooner from New York City, and subsequently became known as the America's Cup. The American winners of the cup donated it to the New York Yacht Club in 1857 for a perpetual international challenge competition. In 1987 the San Diego Yacht Club took control of the U.S. competition.

    Since the 1920s the America's Cup race has been between one defending vessel and one challenging vessel, both of which are determined in separate series of elimination trials. Each competing vessel must be designed, built, and, insofar as possible, outfitted solely in the country that it represents. The original terms of the America's Cup donation imposed many disadvantages on challenging yachts. Not until 1956 was a clause eliminated that required a challenger to sail on its own bottom to the scene of the contest, forcing a heavier style of construction than that of the defender. Until 1995, the America's Cup competition was a best four of seven races; from that year it required five of nine races to win. From 1958 to 1987 each race was run over a six-leg 24-mile (39-kilometre) course by yachts of the so-called 12-metre class. (No measurement on the 12-metre yacht was actually 12 m. The “12” was a result of a complicated mathematical formula used in the yacht's construction.) In 1983, after American yachts (sponsored by the New York Yacht Club) had successfully defended the cup 24 times without a loss since the first defense in 1870, the Australian yacht Australia II won the cup. In the next race, in 1987, the Americans (now from San Diego) regained the cup. The controversial race of 1988, between the winning American 60-foot (18-metre) catamaran and a New Zealander 132-foot (40-metre) monohull, had to be decided in the courts and provoked a redefinition of the rules governing future races. For 1992, a new and faster yacht was designated as the International America's Cup Class (IACC)—75 feet (23 m) in overall length—to race over an eight-leg 22.6-mile (36.4-kilometre) course. The 1995 event was run over a six-leg, 18.55-nautical-mile (34.4-kilometre) course. It was won by the Royal New Zealand Yacht Squadron, only the second victory by a non-American challenger in the history of the competition.