38th America's Cup

The 38th America's Cup will be raced between two yachts, one representing the defending yacht club and the other representing the challenging yacht club. The defending yacht club will be the one whose yacht wins the 37th America's Cup. The challenging yacht club will either be the one which is first to issue a valid challenge to the defending club under the Deed of Gift of the America's Cup and becomes a sole challenger, or the one which wins a Challenger Series organised by the first valid challenger, which would be called the Challenger of Record.

History
The America's Cup is a highly prestigious event, being the oldest continuous competition in international sport, and the fourth oldest continuous sporting trophy of any kind. As of 31 March 2021, a total of 36 cup matches have been held. With 25 matches the New York Yacht Club has won the most titles so far.

Planned Yacht Class
Royal Yacht Squadron Racing Ltd and Royal New Zealand Yacht Squadron agreed that the AC75 foiling monohull class developed and used for the first time for the 36th America's Cup shall remain the class of yacht for the 37th America's Cup. Royal Yacht Squadron Racing Ltd and Royal New Zealand Yacht Squadron also want the AC75 class to be used for the 38th America's Cup, and say that agreement to this will be a condition of entry for any other complying clubs wishing to enter any challenger series for the 37th America's Cup. Given the rules of the deed outlined above, executing this would require the winner of the 37th America's Cup to ensure the first challenge it received stipulated the use of the AC75 class.