As the oldest international sporting trophy in the world, it is timely to reflect on what the Cup, affectionately called the “Auld Mug”, is and how it is governed.

The Cup, an ornate sterling silver bottomless ewer, was originally awarded on 22 August 1851 by the Royal Yacht Squadron for a race around the Isle of Wight in England. That race was won by the U.S. schooner “America” and the trophy was promptly renamed “America’s Cup”. On 8 July 1857 George L. Schuyler, as sole surviving owner of the Cup, donated it under a Deed of Gift to the New York Yacht Club to hold on trust ‘upon the condition that it shall be preserved as a perpetual challenge Cup for friendly competition between foreign countries’.

The Deed of Gift is essentially a trust. The current version of the trust deed is the third revision of the original deed as amended in 1887.

The deed provides for successive trustees. It requires the current trustee or Cup holder to ‘deliver the said Cup to the foreign yacht Club whose representative yacht shall have won’ following a successful challenge. The new trustee must covenant to hold the Cup on the terms and conditions of the trust so that it is available for perpetual international competition. If the trustee is dissolved, the Cup is to be ‘transferred to some Club of the same nationality, eligible to challenge under the deed of gift, in trust and subject to its provisions’.

Read More

Type

Insight

Locations

Bermuda

Share
Twitter LinkedIn Email Save as PDF
More Publications
11 Oct 2019 |

Purpose-built ISAC a boon for Bermuda

The long-awaited Incorporated Segregated Accounts Companies Act 2019 was tabled in the House of Asse...

3 Oct 2019 |

Maternity/Paternity Leave – Anticipated Amendments to the Employment Act

The Employment (Maternity Leave Extension and Paternity Leave) Amendment Act 2019 (Bill) (2019 Amend...

26 Sep 2019 |

Introduction of the new Collateralised Insurer class

Members of the ILS Bermuda Market Intelligence workstream hosted a roundtable to discuss the Bermuda...

26 Sep 2019 |

Fund bye-laws and payments-in-kind

Typically, a Bermuda fund is incorporated as an exempted mutual fund, formed as an exempted limited ...

18 Sep 2019 |

Offshore listing Vehicles to benefit from the Shanghai - London stock connect

Offshore listing Vehicles to benefit from the Shanghai - London stock connect

Contributors: Huiyan Liew
18 Sep 2019 |

Economic substance requirements in Bermuda, the British Virgin Islands and the Cayman Islands

Economic substance requirements in Bermuda, the British Virgin Islands and the Cayman Islands

Contributors: Shana Simmonds
12 Sep 2019 |

Magistrates’ Court: a summary of procedure

Commencing a claim in a court of summary jurisdiction, also known as the Magistrates’ Court, is a ...

10 Sep 2019 |

Bermuda: weathering all storms in an improving market

The market is moving in the right direction on rates but the landscape is becoming increasingly comp...

5 Sep 2019 |

Cat bond market “here to stay” despite 2019 lull

There has been a distinct slowdown in cat bond issuance throughout 2019 after the heavy loss experie...

4 Sep 2019 |

Cyber insurance to drive innovation, take industry by storm

The structures and products developed to tackle cyber risk over the next five years will take the gl...