The race was the creation of the vice-chancellor of the University of Waikato Bryan Gould, who is also graduate of Oxford University.
The first race was held on September 1, 2002 where the University of Waikato crew lead from the start and won by many boat lengths over the Cambridge University crew.
For the second race September 7, 2003, the Oxford crew got out to an early lead of two boat lengths by the first bridge. By half way the Waikato crew had caught up and powered home to win the race by two boat lengths.