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The participating teams are to line out against each other in April 2005, and will earn eligibility as the winners and runners up of the Premier League Competition of each Association together or the winners of the annual Premier Cup Competition of each Association.
In the event of any team achieving qualification through both of the respective competitions then the quota of three from each Association will be made up by the team, which is third placed in the respective League Competition.
The tournament will be made up of two groups of three teams and every team in each group will play each other on a home and away basis. The maximum number of teams from each Association in any one group will be two and the minimum will be one. The top team in each group will then qualify for the Setanta Cup Final.
With €1.3 millon prize money over four years, it will be the best financed football competition in Ireland.
The total number of games in each season will be thirteen. Television cameras will be present at all games in the Tournament with a minimum of 10 games in each season being broadcast live.
Speaking at the launch today the Football Association of Ireland Chief Executive Officer, Fran Rooney said: "The Setanta Cup is a significant development for both the Football Association of Ireland and the Irish Football Association and a tremendous opportunity for our respective League Clubs."
"We have always enjoyed a great working relationship with the Irish Football Association and I am confident that this relationship will be further strengthened through the Setanta Cup," Rooney added.
"This tournament will be of great benefit to the respective League Clubs as they prepare for European Competition and I am sure that the games will also be enjoyable for the fans," he concluded.
The Football Association of Ireland's President, Mr Milo Corcoran and the President of the Irish Football Association, Mr Jim Boyce paid tribute to Fran Rooney for bring this initiative forward and Mr Boyce added, "This certainly is the biggest ever tournament North or South, it has attracted great sponsorship and I am confident that huge crowds will flock to see these games."
Niall Cogley Chief Executive, Setanta Sports said, " The Setanta Cup is the type of innovative sporting content that will be featured on Setanta Sports. We are delighted to be both sponsors and broadcasters for the tournament and look forward to a successful working relationship with both organisations."