The 1988 America's Cup was the first hostile Deed of Gift challenge. Dennis Conner had won the America's Cup for the San Diego Yacht Club on 4 February 1987 at the 1987 America's Cup. In July, New Zealand banker Michael Fay went to the San Diego Yacht Club and issued a Notice of Challenge from the Mercury Bay Boating Club of New Zealand, which was based on a strict reading of the Deed of Gift.