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Yes, the Stanley Cup was named after Fredrick Stanley (Lord Stanley of Preston). He bought the cup, and the (1,000 acre) Stanley Park in Canada, is named after Lord Stanley of Preston, the Governor General of Canada.
The Stanley Cup was named after Frederick Arthur Stanley, 16th Earl of Derby, Governor General of Canada from 1888 - 1893, who donated it as a challenge Cup to be awarded annually to the best amateur hockey team in Canada.
Lord Stanley made the bowl at the top of the cup. Other people added more to the trophy.