However, it was Europe's 3rd-tier level club basketball competition in its inaugural 2002–03 season.

[3] However, the revived Champions Cup never became a true rival to the ULEB Euroleague, and FIBA therefore decided that a pan-European competition, on top of the previous season's regional competition, would be organised for the 2003–04 season.

[2][4][5][6] Overall during those five seasons, several historic European clubs played in the competition, such as ASK Riga, Fenerbahçe, Split, Khimki Moscow Region, EKA AEL, Bayer Giants Leverkusen, Azovmash Mariupol, PAOK Thessaloniki, Hapoel Jerusalem, Rytas, Ventspils, Ural Great Perm, Belenenses, Academic, UNICS Kazan, Prokom, Dinamo Bucharest, Benetton Fribourg, etc.

[2][4][5][6] FIBA Europe Regional Challenge Cup: North Conference: Volodymyr Gurtovyy, Andriy Kapinos, Andriy Botichev, Oleksandr Skutyelnik, Igor Kharchenko, Sergiy Moskalenko, Petro Podtykan, Yevhenii Annienkov, Dmytro Briantsev (Head Coach: Andrij Podkovyrov)[8] South Conference: Dimitris Prokopiou, Marcos Asonitis, Georgios Kouzapas, Michalis Kounounis, Davor Kurilic, Konstantinos Perentos, Ranko Velimirovic, David Michael Van Dyke, Christos Spyrou, Duane Woodward (Head Coach: Dragan Raca).

[8] FIBA Europe Cup: Wendell Alexis, Manuchar Markoishvili, Paul Burke, Marijonas Petravičius, Misan Nikagbatse, Sebastian Machowski, Stephen Arigbabu, Jonas Elvikis, Per Ringstrom, Chauncey Leslie, Peter Fehse, Paul Bayer, Michael Krikemans (Head Coach: Henrik Dettmann) Cătălin Burlacu, Ivan Krasic, Nikola Bulatović, Vladimir Kuzmanović, Paul Helcioiu, Marko Rakočević, Rares Apostol, Antonio Alexe, Levente Szijarto, Predrag Materić, Nicolae Toader, Marko Peković, Adrian Blidaru, Saša Ocokoljić (Head Coach: Mladjen Jojic) FIBA EuroCup Challenge: Derrick Alston, Terrell Lyday, Vasily Karasev, Jurica Golemac, Jasmin Hukić, Andre Hutson, Andrei Trushkin, Egor Vyaltsev, Vadim Panin, Evgeni Kolesnikov, Aleksandr Dedushkin, Arseni Kuchinsky, Vyacheslav Shushakov, Artem Kuzyakin (Head Coach: Sharon Drucker) Nikita Shabalkin, Omar Cook, Georgios Diamantopoulos, Kelvin Gibbs, Evgeni Voronov, Pavel Agapov, Gennadi Zelenskiy, Yaroslav Strelkin, Oleg Baranov, Pavel Ulyanko, Taras Osipov, Anton Glazunov, Alexei Kiryanov, Valeri Likhodey (Head Coach: Valeri Tikhonenko)