Run under strict Deed of Gift rules, the regatta was won by San Diego Yacht Club, in a two-race sweep.

The Fay challenge stipulated that the boats to be sailed would be defined only by the details of the Deed, namely single masted yachts no more than 90 feet (27 m) at the waterline and that the race would be held the following year in 1988.

As the challenge used the original Deed of Gift as its basis, there were no explicit class or design requirements other than that the boat was to be 90 feet (27 m) or less at the waterline if it had one mast.

The wing-masted boat demonstrated superior performance, and after being modified to improve its structural integrity was chosen for the successful defense.

[1] KZ-1 was skippered by David Barnes and the afterguard included tactician Peter Lester, navigator Richard Morris,[4] Tom Schnackenberg and Bruce Farr.

The crew, which numbered 40 also included Jeremy Scantlebury, Robert Salthouse, Don Cowie, Warwick Fleury, Mark Hauser, Andrew Taylor, Edwin Askew, Marcus Brown, Bill Handy, Keith Hawkins, George Jakich, Paul Matich, Rubin Muir, Chris Salthouse, Alan Smith, Nick Heron, David Hurley, Peter Warren, Michael Fay, lawyer Andrew Johns, designer Russell Bowler, Clive Brown, Mike Drummond, Bob Graham, Murray Greenhalgh, Peter Jeromsen, Lance Manson and Chris Wilkins.