The America’s Cup, affectionately known as the “Auld Mug”, is a trophy awarded to the winner of the America’s Cup match races between two sailing yachts. One yacht, known as the defender, represents the yacht club that currently holds the America’s Cup and the second yacht, known as the challenger, represents the yacht club that is challenging for the cup. The timing of each match is determined by an agreement between the defender and the challenger. The America’s Cup is the oldest international sporting trophy.
The trophy was originally awarded in 1851 by the Royal Yacht Squadron for a race around the Isle of Wight in England, which was won by the schooner America. The trophy was renamed the America’s Cup after the yacht and was donated to the New York Yacht Club (NYYC) under the terms of the Deed of Gift, which made the cup available for perpetual international competition.
Any yacht club that meets the requirements specified in the Deed of Gift has the right to challenge the yacht club that holds the Cup. If the challenging club wins the match, it gains stewardship of the cup.
Source: Extract from Wikipedia (please see their article for text in full)
More on America’s Cup at www.americascup.com