[4] He, along with Abe Pollin and real estate investor/former NBA referee Arnold Heft purchased the then-Baltimore Bullets from Dave Trager for $1.1 million on November 23, 1964.

The group inherited a championship-caliber nucleus led by Rick Barry, whom Foreman called "the hottest attraction in basketball."

The Caps brought on Al Bianchi as head coach and finished that season with a record of 44–40, good for third place in the Western Division.

The Squires defeated swept The Floridians in the first round of the 1972 ABA Playoffs but then lost the full seven-game Eastern Division Finals to the New York Nets.

At the conclusion of the season, Foreman added George Gervin to the Squires' roster, putting two future Hall of Famers on the same team.

[2] In August 1973, Foreman, again motivated by the Squires' indebtedness, traded Erving and Willie Sojourner to the New York Nets for George Carter, the rights to Kermit Washington and $1 million.

[2] By this point, the constant selling off of the team's star players had a major effect on the Squires' dwindling fan base.

The team finished the 1973–74 season with a record of 28–56 which actually was good for fourth place in the Eastern Division, but the Squires lost in the first round of the 1973 ABA Playoffs to the New York Nets in five games.

In its last two years, the debt-ridden Squires finished 15–69 both seasons, the worst records in ABA history, and failed to make the playoffs.