Two defense syndicates (featuring five IACC yachts) competed over four round robins in order earn a berth in the Citizen Cup finals; the winner earned the right to defend the America's Cup against the winner of the Louis Vuitton Cup (challenger selection series regatta).
The 1992 Citizen Cup featured the emergence of the America3 Foundation syndicate headed by American businessman Bill Koch.
The America3 syndicate included helmsman Buddy Melges, Gary Jobson, John Kostecki and Andreas Josenhans.
[1] America3 held off a rally by Stars & Stripes to win the Citizen Cup.
America3 went on to successfully defend the 1992 America's Cup against Italy's Il Moro di Venezia V.