Hoyt held the Gold Cup for three decades before donating it to the Royal Bermuda Yacht Club and proposing an annual one-on-one match-race series in 6-Meter yachts. In his letter he expressed the propriety of "my returning a British Royal trophy to the custody of your club, with its long record of clean sportsmanship and keenly contested races between your Bermuda yachts and ours of Long Island Sound, and elsewhere..." The first winner of the Cup in its new format was Briggs Cunningham in 1937. He was also the first skipper to win the America's Cup in a 12-Meter racing yacht.