The race is named for Greenwood Racing, Inc. who purchased Philadelphia Park in December 1990.[1]
The inaugural running of the event was on 8 June 2002 under handicap conditions and held on the turf course as the Greenwood Cup Handicap. The event was won by multiple Grade I winner, eight-year-old Cetewayo, bred and owned by Dr. John A. Chandler. The horse finished strongly as the 1/2 odds-on favorite to win by a length in a time of 2:35.01.[2] The following year the event was moved off the turf and raced on a sloppy dirt track. It was won by Golden Ticket, who led all the way, winning by ten-and-one-quarter lengths.[2]
The event was not held between 2005 and 2007. When the event resumed, it was scheduled in mid-July and was held on the dirt track as a stakes allowance.[3]
Legend: Turf Dirt Notes:
† In the 2011 running, A. U. Miner was first past the post and wagering was paid out as the winner, however the horse returned a positive swab for methylprednisolone and was disqualified from first place purse money. The redistributed winner's purse went to Birdrun, who finished second.[22]