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{{Main|History of the America's Cup}}
The America's Cup is the oldest competition in international sport, and the fourth oldest continuous sporting trophy of any kind.<ref>{{Cite web |date=January 7, 2019 |title=10 Oldest Sports Trophies in the World |url=https://www.oldest.org/sports/sports-trophies/}}</ref>{{better source needed}} The cup itself was manufactured in 1848 and first called the "RYS £100 Cup". It was first raced for on 22 August 1851 around the Isle of Wight off [[Southampton]] and [[Portsmouth]] in [[Hampshire]], [[England]], in a fleet race between the [[New York Yacht Club]]'s ''[[America (yacht)|America]]'' and 15 yachts of the Royal Yacht Squadron. The race was witnessed by [[Queen Victoria]] and the future [[Edward VII]] and won by ''America''. This is considered to be the first America's Cup race.
On 8 July 1857, the surviving members of the ''[[America (yacht)|America]]'' syndicate donated the cup to the New York Yacht Club via the [[Deed of Gift of the America's Cup]] filed with the [[New York Supreme Court]].<ref name="auto">{{Cite web |last=Schuyler |first=George Lee |title=Deed of Gift[1] |url=https://en.wikisource.org/wiki/Deed_of_Gift |via=Wikisource}}</ref> The deed is the primary instrument that governs the rules to make a valid challenge for the America's Cup and the rules of conduct of the races. It states that the cup "is donated upon the condition that it shall be preserved as a perpetual challenge Cup for friendly competition between foreign countries", outlines how a foreign yacht club can make a challenge to the holder of the cup and what happens if they do not agree on how the match should be conducted. The deed makes it "distinctly understood that the cup is to be the property of the club [that has most recently won a match for the cup], subject to the provisions of this deed, and not the property of the owner or owners of any vessel winning a match".
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