This event is similar to the single player glory tournament. When the tent appears at your main castle (in Great Empire), your alliance must try to earn as much glory as it can during the time limit. There are participation prizes (varying on the exact time that the tent is there for), and prizes for the top 10 and top 3 alliances. All of these prizes go directly to the alliance funds (like the alliance level up bonuses).
The participation prize is 500 rubies and 20,000 coins. When the event lasted for roughly 24 hours, the participation prize was awarded to alliances earning 5000 glory.
The top 10 prize is 5000 rubies and 80,000 coins.
The top 3 prize is 20,000 rubies and 200,000 coins.