In 1851, a boat named America won the 100 Guinea Cup given to the winner of a race around the Isle of Wight. The winners, members of the New York Yacht Club, donated the trophy to the Club, to be held as a ‘challenge’ trophy. Thus was born the America’s Cup, named after the boat, not the country.

  

The America's Cup is without a doubt the most difficult trophy in sport to win. In over 150 years since that first race off England, only three nations other than the United States have won what is often called the oldest trophy in international sport. For some perspective, consider that there had been nine contests for the America's Cup before the first modern Olympic Games were held in Athens in 1896.

The America's Cup is a challenge-based competition where the previous winning Yacht Club makes the rules and hosts the event, often making it difficult for the challenging Club(s) to take the Cup home. Early in the history of the Cup, these obstacles were completely insurmountable and the Defender was never threatened. In fact, despite a couple of close calls, it would take 132-years for a foreign Challenger to beat the American Defender and win the Cup.
   
Eleven syndicates from nine countries will compete for the right to challenge for the America’s Cup in 2007. The 32nd Americas Cup defending yacht Club is the Société Nautique de Genève (SNG), and its team, Alinghi, who brought the America's Cup to Europe for the first time in 152 years. Valencia, Spain as the Host City of the 32nd America's Cup

Challengers are the teams representing Yacht Clubs who have challenged the SNG in an attempt to win the Cup. Thirteen challengers from six countries competed in Australia in 1987, the first time the America’s Cup was held outside the United States. Eleven challengers were in Auckland in Auckland for Team New Zealand’s first defence.

The event itself – the 32nd Americas Cup – is already under way but the major challenge for Valencia is to be ready in time for the all important final boat race in the summer of 2007. More than one million spectators are expected to gather on the shoreline to watch two of the fastest, costliest and most talked about super yachts fight it out for the trophy known as the Holy Grail of sailing.

As the reputed home of the real Holy Grail (the chalice used by Jesus at the Last Supper) Valencia was seen, for a variety of reasons, as the ideal choice to host the first Americas Cup ever to be held in Europe during the event’s illustrious 154-year history.

This dynamic, forward-thinking city fought off fierce competition from seven other European contenders to win the right to stage an event which brings together the world’s finest sailors, best yachts (and battiest billionaires!).

The competition consists of a series of races leading up to the all-important Louis Vuitton Cup (April-June 2007) and the ultimate America’s Cup Match Race in June 2007. The first race was held in Marseille in September 2004 and four subsequent races took place off the coast of Valencia in the autumn of 2004 and summer of 2005.

The port’s inner harbour is currently being turned into a dedicated race village with 12 bases for the competing teams, a media hub for the world’s top sports journalists and a 250-metre super yacht pier. The project involves reclaiming land with the aid of 700,000 tonnes of gravel and 20,000 cubic metres of concrete.

When the two final super yachts go head to head in their sea-borne battle for the coveted cup, they’ll start the 18.5 mile race course at a point just 15 minutes from the harbour. That means hundreds of thousands of spectators on the shoreline will have a perfect view of sailing’s deadliest duel.

    * The Deed of Gift, the original document that created the America's Cup, was signed on October 14, 1878. It stipulated that the trophy, won by the yacht America in 1851, was to be "a perpetual challenge cup for friendly competition between nations." The deed with a few amendments still governs the event today.
    * Each America’s Cup regatta is conducted by a protocol that outlines the rules and format of the regatta. The protocol is drawn up by the defender and the challenger of record - in the case of the 32nd America’s Cup the Société Nautique de Genève and the Golden Gate Yacht Club.
    * The Terms of Challenge detail the rights and obligations of the participants and organisers of the 32nd America's Cup.
    * The America's Cup Class Rule which stipulates design parameters. Yachts must comply with the rule to compete.
    * The rules of racing, with general amendments for match racing, and some further amendments specifically for the America’s Cup.