The competition was launched with Setanta providing support for prize money (€350,000) and sponsorship (€1.6 million over 4 years).
Glentoran beat Longford Town 2–1 in the first ever game of the competition on 15 March 2005.
The winners of each group would play in a single game final, to be held in Tolka Park if at least one team from the Republic of Ireland was involved.
Shelbourne qualified by winning the 2004 League of Ireland Premier Division title.
Cork City took the third spot by finishing second in the 2004 League of Ireland Premier Division.