They were an inaugural member of the Atlantic Coast Hockey League and were owned by future WWE CEO Vince McMahon.

McMahon owned the Cape Cod Coliseum and wanted to secure an American Hockey League franchise for the arena.

When he was unable to finalize plans for the 1981–82 season, McMahon was approached by Frazier Gleason of Indianapolis who wanted to run a franchise in the new Atlantic Coast Hockey League.

[1] McMahon hired former New Haven Nighthawks right wing Jim Troy to serve as the team's coach and general manager.

McMahon disagreed with the decision, which he felt would hurt the league's credibility, and chose to fold the team.