The team was founded in by a group of four investors: Bob Britt, Fred Mathews, Jr., James Speed, and William Fahlsing and began play in the 1986–87 season of the American Indoor Soccer Association (AISA).
The franchise returned for the 1987–88 season as remaining investors Mathews and Speed were joined by local businessman Craig Hartman, who with a huge influx of his own money, assumed the role as team President.
Retaining Mahlock as GM, the team hired former three-time Indiana University All-American, 1978 Hermann Trophy winner, NASL player, and United States Olympian Angelo DiBernardo to become the third Head Coach of the franchise.
Abandoning a traditional playoff format, the AISA instituted a six-team, home-and-away, round robin “Challenge Cup” Series to crown the 1988 post-season champion.
The off-season saw an intense fund-raising operation that included GM Mahlock and players Alan Bodenstein and Bobby Poursanidis living atop a billboard in the heart of downtown to raise both team awareness and funding.