The cup was originally known as the 'R.Y.S. £100 Cup', awarded in 1851 by the British Royal Yacht Squadron for a race around the Isle of Wight in the United Kingdom. The winning yacht was a schooner called America, owned by a syndicate of members from the New York Yacht Club (NYYC). In 1857, the syndicate permanently donated the trophy to the NYYC, under a Deed of Gift that renamed the trophy as the 'America's Cup' after the first winner and required it be made available for perpetual international competition.