On August 21, 1969, the Oakland Oaks moved to Washington, D.C., due to substantial financial losses despite winning the second-ever ABA championship only weeks earlier.
The franchise was purchased for $2.6 million by a group led by Earl Foreman, Thomas Shaheen and Louis Diamond.
Not only did the team have to compete against the NBA's more established Baltimore Bullets nearby, but it lacked a modern arena to attract fans and forge a home-court advantage.
In anticipation of an ABA–NBA merger that would take years to complete, Foreman was encouraged to move the team from Washington to placate the Bullets after the season.
[1] Western Division Semifinals vs. Denver Rockets[2] Caps lose series, 4–3 1970 ABA All-Star Game played on January 24, 1970