The Penguin Cup was a party in Club Penguin that began on June 19, and ended on July 1, 2014. It was first confirmed by Spike Hike in a Spike Saturday event.
It was a soccer-themed party to celebrate the 2014 FIFA World Cup hosted in Brazil, but it had no intention of marketing it, unlike smaller advertising events such as the Adventure Party: Temple of Fruit, which indirectly marketed Innocent Smoothies.
The winners were the Sharks (Team Blue), with Hot Sauce (Team Red) being runner-up.
The winning team was concluded as the Blue Team as expected by many players, having maintained a significantly higher score than any of the other teams. The Green Team notably came in 4th place, only 1 point off from being tied with the Yellow Team in 3rd place.
This party is also similar to the Monster University Takeover.
Prior to the party on May 1, 2014, Polo Field posted a picture of himself in real life on Twitter wearing a Beta Hat. Behind him was a whiteboard, with the words "uin Cup" written (his hat was blocking the start of the word ending with "uin".) 
A ball in a cup was found during the Future Party and it was located at the Futuristic Clothes Shop; the Robo Shop. This foreshadowed the party.
It was referenced in the newspaper during the Future Party about taking a trip to the past: "You may want to visit the first ever Penguin Cup, but you'll be a bit too early for this historic occasion."
Although many people across the world refer to soccer as football, the Club Penguin Times refers to it as soccer. This was addressed in Ask Aunt Arctic. She was even debating calling it "foot-soccer".
CPSN (Club Penguin Sports Network) may be a reference to the famous ESPN (Entertainment and Sports Programming Network), which is owned jointly by The Walt Disney Company, and Hearst Corporation. The logo even looks a little similar by its italic style.
Members are able to get power shoes to score more on Shootouts during this party.
The teams got official names and logos prior to the event.
Everybody could play the Shootouts minigame by equipping the ball, pressing D, and partnering with another player. Using the points they obtain, they could get special items from the interface, including special power shoes (Member's only).
On June 21st, 23rd, 25th, and 27th, Aunt Arctic gave players an update on the tournament when they logged in.
On June 29, the Sharks were announced as winners in the final update. Penguins got the 2014 Penguin Cup Blue.
It was theorized that the Sharks would win because of their long time popularity.
On the first day, on the "Equip" button on the Penguin Cup Ball, there was a member logo, implying it was for members. However, anyone could equip the ball. The member logo on the ball was eventually removed.
When you beat someone that is on the same team as you they turn red.
When you pick "Games" on the Map and pick Hydro Hopper, the arrow will be on the right of the Hydro Hopper.
When you click the ball above the penguin that wants to vs and then quickly change rooms, you will have 2 matches. The first is using the penguin with no music or sound and the second is using a bot that doesn't do anything.
When you enter the game after June 29th, there is a chance that Aunt Arctic says "**w.p2014.soccer.dialogue.update.5.undefined**". The trophy will also rapidly change colors for each team.
Spike Hike confirming the Party in a Spike Sunday meetup.
When Spike was asked if he was excited for the games themselves or if it was an actual event, he alluded this.