Local residents also purchased stock to help fund $100,000 in upgrades to Billings' Athletic Park, which was renamed for Cobb.

After their inaugural season, the Mustangs had affiliations with the Brooklyn Dodgers (1949–1951), Pittsburgh Pirates (1952–1956), and St. Louis Cardinals (1957–1963), winning Pioneer League championships in 1950, 1957, 1959, and 1962.

Future Baseball Hall of Fame inductee George Brett began his professional career with the 1971 Mustangs.

The late 80's were leaner, but still featured memorable moments, including snapping the minor league record 29-game winning streak of the Salt Lake City Trappers in 1987 and featuring future Hall of Famer pitcher Trevor Hoffman in 1989, who played shortstop that season before moving to the mound a year later.

After the 2014 season, the team introduced its new ownership group, Main Street Baseball at a December 5 in a press conference at Dehler Park.

[7] In this new arrangement, the Mustangs enjoyed a playoff appearance under the leadership of former MLB manager Jim Riggleman in 2022, before reaching the Pioneer League championship series in 2023, where they fell to the Ogden Raptors.

These include George Brett, Reggie Sanders, Paul O'Neill, Trevor Hoffman, Keith Lockhart, Danny Tartabull, Ben Broussard, Scott Sullivan, Aaron Boone, Adam Dunn, Austin Kearns, and B. J. Ryan.