The song was written and sung by Pete Ham and produced by George Harrison, who plays some of the slide guitar parts of the song along with Ham. The record also features Leon Russell on piano. As the song was unfinished at the time Harrison left the Badfinger album to produce the Concert for Bangladesh, the final mix was done by Todd Rundgren, who took over Straight Up after Harrison's departure.
Released as a single in the U.S. in November of 1971 (January of 1972 elsewhere), it would become the group's highest charting single there, peaking at number four on Billboard's Pop Singles chart. It also reached the top ten on the UK Singles Chart. It remains the band's best-known song, most notably for the slide guitar solos. It went gold in March of 1972, becoming the band's second and final gold single. The single reached number ten on Billboard's Easy Listening survey.
Because of all of the overdubs, Badfinger was hesitant to play this song live for years, since it was impossible for a four-piece group to reproduce the single production. However, the song was included in the setlist for Badfinger's 1974 tour.
Joe Jackson's 1982 hit, "Breaking Us In Two," borrowed heavily from this song for its opening melody and overall progression flow.