The trophy was first presented to the NHL by the Board of Governors in 1987 to honor the late Francis M. "King" Clancy.

The trophy was presented to the NHL by Toronto Maple Leafs owner Harold Ballard, who called Clancy "one of the greatest humanitarians that ever lived".

The King Clancy Memorial Trophy is given annually to the National Hockey League / NHL player who best exemplifies leadership qualities on and off the ice and who has made a significant humanitarian contribution to his community. The winner is chosen by "a special panel of representatives" from the Professional Hockey Writers' Association and the NHL Broadcasters' Association

NHL President John A. Ziegler Quote
"It is doubtful anyone will ever equal Clancy's accomplishments in so many varied areas of Hockey.
He served the game well, as a Stanley Cup champion, an all-star player, an NHL referee, a successful coach, an NHL manager and executive, distinguishing himself in each category"

King Clancy passed on November 18, 1986