Major professional sports leagues in the United States and Canada to compete, with the provision that the Stanley Cup winners were to be recognized as "World's Champions". The phrase was repeatedly engraved on the Cup, and continued to be used, when the NHL began admitting American franchises. When the NHL assumed formal control of the Cup in 1947, the resulting agreement required "that the winners of this trophy shall be the acknowledged World's Professional Hockey Champions" (in contrast to the IIHF's Ice Hockey World Championships, at the time contested only by amateurs). When the World Hockey Association commenced play in the 1970s, they sought to challenge for the Stanley Cup,
Prince of Wales Trophy of the Royal Coat of Arms of Canada. Costing $2,500, the trophy was said to be in the possession of the league champion. It was originally awarded to the winner of the first game played in Madison Square Garden, held on December 15, 1925 (Montreal Canadiens 3 at New York Americans 1). The award was then held by the Canadiens until the end of the season. The Canadiens engraved their name on the trophy twice, for the 1924–25 season, and the preceding 1923–24 season, for which the team was league champions. It was then awarded to the NHL playoff champion