The trophy's naming rights were sold to the former Avco Corporation (a name originally derived from "Aviation Company"), a defense contractor who bought the rights to advertise their consumer finance division.

The trophy was mocked by some for its corporate sponsorship and never developed anything approaching the significance and sentiment of the Stanley Cup, its National Hockey League rival.

[citation needed] The trophy was donated to the new league in 1972 along with approximately $500,000 by the Avco Financial Services Corporation, and became the first major sports league championship trophy to bear the name of a private corporation.

[1] Led by Bobby Hull, the Winnipeg Jets claimed the trophy on three occasions, including the final league championship against Wayne Gretzky and the Edmonton Oilers.

Gordie Howe and the Houston Aeros vied for the trophy three times, winning twice.