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. 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). 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. The most recent America's Cup match took place in March 2021.