Ove Sprogøe Prisen was founded in 2006 by Morten Grunwald and Nordisk Film with the donation of the fees from the authors behind the book "Den fynske vulkan" and Ove Sprogøe's memorial performance.
The prize consists of an amount of DKK 50,000. Nordisk Film Fonden has since 2011 donated the award money to continue the award in Ove Sprogøes name.
The prize committee consists of:
In the choice of recipients, emphasis is placed on the person having a talent with the potential for the same popular and broad appeal as Ove Sprogøe.
Earlier Ove Sprogøe Prisen was awarded in connection with Ove Sprogøe's birthday on December 21, but from 2017 Ove Sprogøe Prisen has been part of ISBJØRNEN, Nordisk Film Fondens honorary award show.