It is a handicap race, and is scheduled to take place each year during the Cheltenham Festival in March.
The race was established in memory of the 2nd Baron Mildmay of Flete (1909–1950), an amateur National Hunt jockey who rode three winners at the Cheltenham Festival.
The inaugural race took place in April 1951, because the planned running, in March, had to be abandoned, due to a waterlogged course.
[1] The construction company Byrne Group supported the event from 2010 to 2014[2] and from 2015 to 2020 it was sponsored by Brown Advisory and Merriebelle Stable.
The Craft Irish Whiskey Co. took over the sponsorship from 2022 and the 2023 race was sponsored by Magners.