After one season each in Oakland and Washington, owner Earl Foreman was convinced by the league to move his team to Virginia.
The Squires started play on October 17, 1970, in Norfolk, winning 133–116 over the Pittsburgh Condors.
Prior to the season on September 1, the Squires traded an unhappy Rick Barry to the New York Nets for $200,000 cash.
Offsetting this loss was rookie Charlie Scott from the University of North Carolina.
Scott averaged 27.1 points per game and was named ABA Rookie of the Year.