It is run at Goodwood over a distance of 1 mile 3 furlongs and 218 yards (2,412 metres), and it is scheduled to take place each year in late July or early August.
It was named after Alycidon, a successful racehorse whose victories included the Goodwood Cup in 1949.
It was originally a conditions race for horses aged three or older, and it was given Listed status in 1985.
The minimum age of participating horses was raised to four in 1993, and from this point it was run as a limited handicap.
It reverted to being a conditions race in 2004, and it was promoted to Group 3 level in 2008.