The main document that defines the status, the competition rules, the order and conditions of
holding the sailing trophy, which was established by the authorities of the city of Marblehead and
which, according to the tradition of the 19th - early 20th centuries (remember, for example, the
America's Cup!) was named after the city, is the Deed of Gift. That is, the Gift Act, according to which
the life of the new trophy should be settled.
It was assumed that the Marblehead Trophy alone would glorify outside the United States the city of
Marblehead, which at that time had already been 300 years old and quite well known within the
country. This is why it was specifically stated in the Deed of Gift that for the very first time the prize
should be awarded to the race's best foreign team.