Established in 1999, The Oakley Arctic Challenge was created as an independent alternative to more established snowboarding events. The Oakley Arctic Challenge is owned by the legendary snowboarder Terje Haakonsen. Having developed and invested in The Oakley Arctic Challenge, Terje fulfils the childhood dream of all snowboarders and paves the way for the upcoming talents and progression of the sport. The event protects some key values; independence, creativity, progression, borderless, playfulness, social and environmental responsibilities.

The first full on competition was held in 2000 in the North of Norway, since then it has gathered the best snowboarders on the planet to come together for this very special event. It has also seen global TV and media coverage explode (TV distribution to more approx 200 countries), there are over 100 journalists and photographers on site every year and the event gets more than 300 news stories in Norway alone annually . TV-channels as BBC, Nippon TV, MTV, Eurosport, CNN and Fox Sports have visited and/or covered the event. The Arctic Challenge was ranked as the best snowboard event in the world in Onboard Magazine's reader poll 2004 and got highest score in the TTR World Tour rider survey in 2008 together with German event Air&Style.

Oakley, HQ in Orange County, CA, has backed the event since 1999, and have stepped up their commitment by becoming the title sponsor from 2007. In 2008 they entered a 3 year agreement with TAC; backing their plans to expand with more competition formats in line with the modern arena development in Holmenkollen and Tryvann in Oslo.