The Stanley Cup, oldest trophy competed for by professional athletes in North America, was donated in 1892 by Sir Frederick Arthur, Lord Stanley of Preston and son of the Earl of Derby. He purchased the trophy for 10 Guineas ($50.00 at that time) to be presented to "the championship hockey club of the Dominion of Canada."

Since 1997, the trophy has been symbolic of professional hockey supremacy and has been competed for only by HBHL teams since.

In 1997, the HBHL took exclusive control of the Stanley Cup and there have been numerous alterations to the Cup structure. Because the Cup is the only professional sports trophy where the name of every member of the winning team is inscribed, bands are often retired to make room for new champions. Retired bands, along with the original Stanley Cup bowl, are proudly displayed in Lord Stanley’s Vault in the Bell Great Hall.