The Taipans compete in the National Basketball League (NBL) and play their home games at the Cairns Convention Centre, known colloquially as "The Snakepit".

Led by head coach Rod Popp, the Taipans' debut season ended with a 2–26 record.

In the 2003–04 NBL season, the Taipans defeated the Perth Wildcats 103–96 in an elimination final at the Cairns Convention Centre.

[7] In response, Basketball Australia and Cairns Regional Council vowed to continue supporting the cash-strapped Taipans.

[12][13] The Breakers went on to win 71–53 in game three after import pair Ubaka and Dorsey shot 4-of-26 between them, as the Taipans finished the season as runners-up.

Breakers forward Ekene Ibekwe hit a game-winning fade-away shot in game two to clinch the series.