It pits together the previous campaign's NIFL Premiership champions and Irish Cup winners, providing the opening match of the Irish League season.

Larne are the current holders, after they defeated Cliftonville 2–1 in the 2024 edition to win the competition for the first time.

The proceeds from the 2014 and 2015 editions were donated to the Northern Ireland Hospice.

In the 1992 and 1993 editions, the trophy was shared between the two competing sides for six months when both matches finished level at full-time.

In the 2014 edition, a penalty shoot-out was used to determine the winner when the match ended level after 90 minutes, without extra time being played.