The team was initially based in Cherry Hill, New Jersey, and played its home games at the Cherry Hill Centrum (formerly Cherry Hill Arena), an arena that had previously served as home to the Jersey Knights of the World Hockey Association and the Jersey Devils of the Eastern Hockey League.
The team almost folded before it played its first game, as owner John Doherty proved to be underfinanced.
However, Philadelphia Phillies third baseman Mike Schmidt stepped in and purchased a controlling interest in the franchise (Doherty later sued Schmidt for libel based on comments the new owner made about the old in the newspapers, but was unsuccessful).
[2] Coached by Murray MacPherson, the team compiled a record of 37 wins, 29 losses, and 3 ties in its first season of play.
Among the Aces that year was Neil Smith, who went on to serve as General Manager for the New York Rangers, building the team that won the Stanley Cup in 1994.