[2] The competition's previous sponsors are JBE (2015–16),[3] WASP Solutions (2013–14 and 2014–15),[4] Irn Bru (2011–12 and 2012–13),[5] Co-operative Insurance (2001–02 to 2010–11), Coca-Cola (1998–99 to 2000–01), Wilkinson Sword (1991–92 to 1997–98) and Roadferry Freight (1986–87 to 1990–91).

Linfield are the current holders, after they defeated Portadown 3–1 in the 2024 final to win the competition for the second successive season and a record-extending 12th time overall.

The 16 highest-ranked clubs from the previous season's league system are then seeded in the first round to avoid drawing each other.

From there on the competition uses an open draw with a standard knock-out format, consisting of the second round, quarter-finals, semi-finals and the final.

The competition began with 32 clubs in a straight knock-out format in February 1987, and included teams from the Irish League B Division until 1997–98.

The actual trophy presented to the winners is the old City Cup, which was another senior Irish League competition that was discontinued in 1975.

The 1988–89 final, played between the two sides at the Oval on 11 November 1988 was won courtesy of a goal by Glentoran goalkeeper Alan Patterson, via a kick from his own penalty area.

Carrick Rangers (once), along with Larne and Newry City (twice each) are the only three clubs to have played in the final but never won the Cup.

Ards' previous final appearance had also been against Cliftonville, when they won the Cup 2–0 on penalties after a 0–0 draw in 1994–95.

Live coverage of the final first began on the BBC in 2005, and continued until Sky acquired the rights to show the 2013 and 2014 finals on Sky Sports as part of a deal to cover Northern Ireland international matches.

Following the 2014 final, it returned to the BBC in 2015 after Sky ceased their coverage of Irish League football.