Launched as the Invitation Cup in 1997/8, changed its name to the FAW Premier Cup the following season. The BBC-sponsored competition has traditionally featured the top seven placed clubs from the Welsh Premier, joined by the best placed 'exiled' club from Colwyn Bay, Merthyr Tydfil and Newport County, and the Welsh Cup winners (who are exempt until the last eight). Should the Welsh Cup winner qualify as a result of finishing in the top seven places in the Welsh Premier, the club finishing eight in the league qualifies also. They play each other home and away in two groups of four teams, with the top two clubs in each group going forward to the quarter-finals. Cardiff City, Swansea City and Wrexham join them in the last eight, along with the Welsh Cup winners. The games are then played on a straight knockout basis.

A new format was introduced in 2004/5. The competition then featured the top 10 placed clubs from the Welsh Premier, joined by the two best placed 'exiled' clubs - Merthyr Tydfil and Newport County, the Welsh Cup winners plus the three English League clubs - Cardiff City, Swansea City and Wrexham.
All games were played on a straight knockout basis with one game in each round televised live.

The competition ceased in 2008 after the BBC withdrew its sponsorship.