The World Snooker Championship is the leading snooker event both in terms of prestige and prize money. The first event was held in 1927 and was won by Joe Davis. Davis won the first 15 championships before retiring from the event, after his 1946 win. In the 1950s snooker went into a period of decline and the championship was not held after 1952, although an unofficial championship was held until 1957. In 1964 the championship was revived on a "challenge basis" and in 1969 the championship became a knock-out event again. 