Established as a four-man tournament in 1978 but reintroduced in 2013, the now unique 16-man event - made up of tournament winners over the course of the previous year with any available spaces filled by the highest-ranked players on a one-year list - features four groups of four players.
Each group is played during the course of a full day, with effectively heat semi-finals and a final, providing a winner to go through to the main event semi-finals.
There is a £100,000 top prize, with the runner-up taking £50,000 and £20,000 going to losing semi-finalists.
Ray Reardon and Doug Mountjoy were the first winners of the event in 1978 and 1980 respectively, before Ronnie O'Sullivan won the opening two editions of its return in 2013 and 2014.
The Rocket's decision not to enter the following year's competition allowed Neil Robertson to add his name to the roll of honour - beating Mark Allen 10-5 in the Final.
O'Sullivan returned to reach the Final in 2016 but his 11-match winning streak in Coventry was ended by John Higgins, who prevailed a 10-7 winner.