Did You Know? The America’s Cup, informally known as the Auld Mug, is a trophy awarded in the sport of sailing. It is the oldest international competition still operating in any sport. The races are held between two sailing yachts, one from the yacht club that currently holds the trophy known as the defender and the other, the challenger, from the challenging yacht club for the cup. Matches are held several years apart on dates agreed upon by both clubs.