A tiebreaker game between the two teams on March 31, 1947, resulted in the Stags defeating the Bombers in overtime, 73–66, to clinch the division and a first round bye.

In their final season, the Stags finished tied for third with the Fort Wayne Zollner Pistons with a 40–28 record, and again lost to the Lakers in the Division semifinals.

[2] However, by September, Saperstein's deal to buy the club fell apart when he withdrew his offer and requested NBA president Maurice Podoloff return his $20,000 deposit, reportedly half of the purchase price.

Saperstein claimed he had received "exactly nothing" from the NBA for his money: neither the club nor the contract of four ex-Stags players who jumped to the National Professional Basketball League.

(Supposedly, Podoloff, acting on behest of a group of other NBA owners, "foreclosed" on the Stags due to their inability to repay a $40,000 loan that enabled them to finish the 1949–50 season in the first place.

The Stags played at Chicago Stadium, which was located at 1800 West Madison Street and was demolished in 1995 to make way for the United Center; it later served as the home court of the Bulls from 1966 to 1994.