Reliance was funded by a nine-member syndicate of members of the New York Yacht Club headed by Cornelius Vanderbilt III.

The design took advantage of a loophole in the Seawanhaka '90-foot' rating rule, to produce a racing yacht with long overhangs at each end, so that when heeled over, her waterline length (and therefore her hull speed) increased dramatically (see image at left).

Reliance was the first racing boat to be fitted with winches below decks, in an era when her competitors relied on sheer man-power.

[1] Everything else was to an equally gargantuan scale; her spinnaker pole was 84 feet (26 m) long, and her total sail area of 1,501 m2 (16,160 sq ft) was the equivalent of eight 12 meter class yachts.

Lipton himself proposed to allow the two boats to swap crew after the race to decide the matter, but the offer was refused by the owners of Reliance.