It is a handicap race, and it is scheduled to take place each year in late January or early February .
This was one of several races which contributed to the Irish Hospitals' Sweepstake, a scheme to help fund investment in Ireland's health service.
Thousands of tickets were sold to the public, and each was allocated with the name of a horse due to run in a particular race.
In its early years the race took place in December, and prior to becoming a handicap it served as a major trial for the Champion Hurdle when it was won by champions such as Persian War, Comedy of Errors and Night Nurse, as well as the future Cheltenham Gold Cup winner, Captain Christy.
This event was run at Leopardstown each year in January until 2000, but it was then switched to a different venue, Ascot in Great Britain.