The winner in Bermuda is awarded the King Edward VII Gold Cup, the oldest match-racing trophy in the world for competition involving one-design yachts. It was given at the Tri-Centenary Regatta at Jamestown, Virginia, in 1907 by King Edward VII in commemoration of the 300th Anniversary of the first permanent settlement in America. C. Sherman Hoyt won the regatta and was the first to accept the now historic cup.

After three decades of holding the Cup, Mr. Hoyt gave it to the Royal Bermuda Yacht Club and proposed a regular 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 the celebrated Briggs Cunningham, who was also the first skipper to win the America's Cup in a 12-Meter.

The title sponsor of the event is Argo Group. The Bermuda Department of Tourism is an Official Host Sponsor and event sponsors include Renaissance Re, Max Re, Guy Carpenter, Bermuda Premium Spirits and Oleander Cycles.