I believe you will find it was Edwin Dennison Morgan, not J. Pierpont Morgan, who defeated Sir Thomas Lipton.
Frank Winston Wylie
American financier J. P. Morgan was a leader of the New York Yacht Club during the British tea magnate's first challenge in 1899. After Lipton's fifth defeat in 1930 at the hand of Harold (Mike) Vanderbilt, Lipton cried: "I canna' win, I canna' win." Edwin Dennison Morgan was not among the three American skippers who defended the cup against Lipton.