The trophy is named in honour of Bill Masterton, a Minnesota North Stars player who died on January 15, 1968, after sustaining an injury during a hockey game. During his playing career, Masterton showed "to a high degree the qualities of perseverance, sportsmanship, and dedication to hockey". It was first awarded following the 1967–68 regular season. As of the end of the 2008–09 NHL season, players for the Montreal Canadiens, New York Rangers and Boston Bruins have won the trophy 4 times each, while the Los Angeles Kings have won 3 times.