When Prince Shah Karim Al Hussaini of Iran, now known as Aga Khan IV, visited Dhaka in 1958, he expressed his interest in starting a major international football club tournament in the region.

The hope was to gradually develop this event into the main international club competition of Asia, with the winning team as (unofficial) Asian Champions.

[4] The Indian club from Calcutta, Mohammedan Sporting, played brilliant football to lift the 1960 trophy.

[5] Sri Lanka also sent teams regularly, with modest success, while the uneasy political relationship between Malaysia and Indonesia meant that the Malaysian football authorities frequently declined invitation to participate, and it was not until 1976 when Penang FA won it.

The final between the Calcutta giants and PSM Makassar from Indonesia is still regarded as one of the best matches ever played at Dhaka.

[6] The following year, Indonesia triumphed with a 5–0 win in the final against Pakistan Railways F.C., and Indonesian football at that time was on a high: in August, their national team had lifted the Merdeka cup in Malaysia, while their junior team was joint champions in Asian Youth football.

After two years of foreign domination, local pride was restored by Dhaka First Division League inaugural champions, Victoria SC, in 1962.

When the event restarted a year later, the PSSI Young Garuda or the feeder team from Indonesia emerged as the champs.

In the final, East Pakistani forward Golam Sarwar Tipu scored a brace as they defeated Ceylon 5–1.

This was the last Aga Khan Gold Cup in Pakistan, as the East was separated from West in 1971, with the eastern half emerging as the new independent nation of Bangladesh, with Dhaka as its capital.

There was widespread genocide and most of the Bengali football players had to flee to Calcutta (West Bengal, India) to save their lives.

The Iranian club from Sepidrood Rasht lifted the 1977/78 season trophy, defeating an AIFF XI 3–0 in the final.

The Chinese team, Liaoning Whowin F.C., started their campaign with a 9-0 drubbing of Nepal XI Selection.

Like the Chinese, the team from Indonesia showed their strength early in the event, as they beat a strong Korea League XI Selection side 4–1 in the first group stages.

The final was a drab affair; after a 1–1 draw, the NIAC Mitra side prevailed in the penalty shoot-out win against Liaoning Whowin FC.

Good crowds gathered to watch the matches, despite the simultaneous World Cup Hockey tournament in Mumbai.

During the summer of 2009, there was some talk in the local media about the restarting the Aga Khan Gold Cup.