The Football Association Challenge Cup, commonly known as the FA Cup, is a knockout cup competition in English football, run by and named after The Football Association.
The FA Cup is the oldest football competition in the world, commencing in 1871-72. Because it involves clubs of all standards playing against each other there is the possibility for "giant-killers" from the lower divisions to eliminate top clubs from the tournament, though lower division teams rarely reach the final. A record 687 teams were accepted into the FA Cup in 2006-2007. In comparison, the League Cup can involve only the 92 members of the Football League (which organises the competition) and the FA Premier League.
Current Holders:
Liverpool
On Saturday 13 May 2006
Liverpool became the current holders of the trophy. They defeated
West Ham United 3-1 in a penalty shootout in the 2006 final, after drawing the match 3-3 after extra time.
Liverpool will not retain the trophy in 2007, as they were beaten by
Arsenal 3-1 at Anfield in the third round.
Read more about the history and setup of illustrious competition
Here or visit the official FA site
Here 
