Late in the spring of 1969, the Houston Mavericks had been bought by the Southern Sports Corporation (headed by James C. Gardner) for $350,000.
The Cougars played in three areas in the state: Greensboro, Charlotte, and Raleigh, making this the first regional franchise in the ABA.
The first game of the Cougars was on October 8, 1969, when the Cougars played the Dallas Chaparrals at Greensboro Coliseum, with Carolina winning 108–97.
During the regular season, the Cougars played 20 games in Greensboro, 14 in Charlotte, and 8 in Raleigh; in the playoffs, the team played once in Charlotte, and once in Raleigh.
Eastern Division Semifinals vs Carolina Cougars[1] Cougars lose series, 4–0 1970 ABA All-Star Game played on January 24, 1970