The inaugural event was played 42 years ago in 1983 and the age minimum is 50,[1][2][3] the standard for men's senior professional golf tournaments.

The winner gains entry into the following season's Players Championship on the PGA Tour (although Retief Goosen, the 2019 winner, was not allowed to play in the official subsequent Players Championship).

For sponsorship reasons in 2023, the tournament was titled as the Kaulig Companies Championship.

[5] The first four editions were at Canterbury Golf Club near Cleveland; the inaugural in 1983 had fifty players, no cut, and a purse of $250,000;[2] Miller Barber won the title and $40,000, sinking a ten-foot (3 m) birdie putt on the final hole to finish one stroke ahead of runner-up Gene Littler.

[7] Heavy rains on Thursday afternoon reduced the tournament to 54 holes in 1986,[8] and Chi-Chi Rodríguez gained the first of his 22 wins on the senior tour, two strokes ahead of Bruce Crampton.