The inaugural running of event was on 17 December 1975 with conditions for three-year-olds and older over a distance of seven furlongs and was won by Hobeau Farm's five-year-old Kinsman Hope who was trained by US Hall of Fame trainer H. Allen Jerkens and ridden by jockey John Ruane winning by a margin of one and one-half lengths in a time of 1:212⁄5.[2]
The following year the event was moved and scheduled in the summer meet at Aqueduct and held in July[3] and in 1977 the
summer meeting returned to Belmont Park.[4]
The winner of the 1978 running, J. O. Tobin as top weight carrying 129 lbs won easily by 6+1⁄2 lengths in a very fast time of 1:204⁄5.[5] Although this would J. O. Tobin's last victory his six wins would be enough to capture US Champion Sprint Horse for 1978.
In although the event continued with handicap conditions in 1979 the event's name was modified to the Tom Fool Stakes and was used as such until 1995.[3] In 1981 the American Graded Stakes Committee upgraded the classification of the event to Grade III and the following year to Grade II.[3]
In 1987 Groovy won the event for the second time in easily by 6+1⁄2 lengths as the 3/5 odds-on favorite. Groovy's win was his fourth straight. He would win two more events before finishind 2nd in the Breeders' Cup Sprint.[6] His efforts won him an Eclipse Award as US Champion Sprint Horse for 1987.
In 2002 the winner Left Bank started as the 8/5 favorite and set a new track record of 1:20.17 for the seven-furlong distance.[7]
The 2004 running of the event only attracted four entrants. Stronach Stables' four-year-old Ghostzapper was returning after a lengthy nine-month layoff after his Grade IVosburgh Stakes win and continued his winning streak comfortable winning the event in 1:20.42. Trainer Bobby Frankel however would pursue events that were a longer distance culminating with a victory in the Breeders' Cup Classic. Ghostzapper's outstanding season would earn him US Horse of the Year honors for 2004.
After not being held in 2010, the event was downgraded to Grade III and moved to Aqueduct in 2011 where it is held in March. From 2011 to 2017, the event was run on the inner track but is now run on the main track.[3]
In 2015 the conditions of the event were modified not allow three-year-olds to enter.[8]
Records
Speed record:
6 furlongs: 1:08.77 – Do Share (2019)
7 furlongs: 1:20.17 – Left Bank (2002)
Margins:
6+3⁄4 lengths – Track Barron (1985)
6+1⁄2 lengths – J. O. Tobin (1978), Groovy (1987), Do Share (2019)