Yacht racing is a sailing sport involving sailing yachts and larger sailboats, as distinguished from dinghy racing, which involves open boats. It is composed of multiple yachts, in direct competition, racing around a course marked by buoys or other fixed navigational devices or racing longer distances across open water from point-to-point. It can involve a series of races with buoy racing or multiple legs when point-to-point racing.
The America's Cup is a sailing competition and the oldest international competition still operating in any sport. America's Cup match races are held between two sailing yachts: one from the yacht club that currently holds the trophy (known as the defender) and the other from the yacht club that is challenging for the cup (the challenger). The winner is awarded the America's Cup trophy, informally known as the Auld Mug. Matches are held several years apart on dates agreed between the defender and the challenger. There is no fixed schedule, but the races have generally been held every three to four years.
Any yacht club that meets the requirements specified in the Deed of Gift of the America's Cup has the right to challenge the yacht club that currently holds the cup. If the challenging club wins the match, it gains stewardship of the cup. From the first defence of the cup in 1870 until the twentieth defence in 1967, there was always only one challenger. In 1970 multiple challengers applied, so a Challenger Selection Series was held to decide which applicant would become the official challenger and compete in the America's Cup match. This approach has been used for each subsequent competition.