The clubs hoped to provide a more financially sustainable league than its predecessor with a greater number of British trained players taking part.
After a tight 1–1 draw at the National Ice Centre, the two clubs met in the second leg at Sheffield Arena on 17 March.
After 53 seconds, Kim Ahlroos won the game for Nottingham, ending an eight-year wait for the club to defeat their rivals in a showpiece event.
Sheffield and Nottingham fought it out for the inaugural Elite League title before the Steelers pulled away to become comfortable champions, thanks to twenty consecutive wins, including 7–3, 5–0, 3–0 and 7–4 victories over the Panthers.
The Phoenix chose to stage one of its home games, against the Steelers at the 1,500 capacity IceSheffield rather than play the substantial costs involved in hiring the MEN Arena.
The Steelers avenged their overtime loss in the Cup a few weeks earlier by beating the Panthers 2–1 before a capacity crowd at the NIC.