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
29 Jul 2020 |

Digital assets and Bermuda’s fintech future

The Government of Bermuda set the stage for developing the island’s fintech sector in early 2018 b...

24 Jul 2020 |

Flexible working, home working and the ‘new normal’

Over the last few months, employers and workers have had to get used to a new way of working. Many e...

22 Jul 2020 |

ILS Bermuda Executive Roundtable 2020

In response to the global spread of the novel coronavirus, Bermuda, like much of the world, entered ...

25 Jun 2020 |

ILS needs a buoyant secondary market to thrive – but electronic platforms must come first

A secondary market for ILS can only emerge once the broader market fully embraces electronic platfor...

24 Jun 2020 |

Health and Wellness – Employers Duties

With the current state of COVID-19, many employees are in the midst of now returning to work and oth...

4 Jun 2020 |

Choices of law, jurisdiction must be clear

Ideally, a contract will contain both a “choice of jurisdiction” and a “choice of law” claus...

26 May 2020 |

Technology & Innovation Update Q2 2020

Technological developments have been accelerating at an unprecedented pace in Asia - the first regio...

22 May 2020 |

Reopening workplaces: employment issues

As Bermuda takes the first tentative steps in its phased reopening plan, we review some of the key p...

20 May 2020 |

Threatened insolvency: Personal Exposure of Directors

During the challenging economic environment created by the COVID-19 pandemic, business resilience an...

Contributors: Jerome Wilson
12 May 2020 |

Pandemic-induced market dynamics could result in Class of 2020

Current insurance and reinsurance market dynamics suggest that it could be an opportune time for sta...