The tournament is played under a variation of original rules including a 30 second shot clock for all frames after ten minutes of play and the "ball-in-hand" miss rule anywhere on the table after the third miss.
A host of past legends of the baize are invited to take part and there is also a qualifying event to determine the final few places in the star-studded line-up.
Jimmy White won the first staging of the revamped event in 2010, before Welshman Darren Morgan picked up the £18,000 title by beating Steve Davis 2-1 in the 2011 final.
Now into its third staging, the World Snooker sanctioned event returns in 2012 from October 27-28.
It was announced in August that the hugely popular tournament would move to the Mountbatten Centre in the south coast city of Portsmouth for the first time.