The franchise began as the Canberra Cannons, one of the foundation members of the NBL.

At the end of the 2002–03 season, new owners moved the team to Newcastle and renamed the franchise the Hunter Pirates.

In 2004–05, former Perth Wildcats, Australian Boomers and Australian Institute of Sport coach Dr. Adrian Hurley was appointed as the head coach and led the team to eighth place with a 15–17 record.

In the playoffs, the Pirates were eliminated by the Brisbane Bullets in the opening round.

Following their third season, the Pirates withdrew from the NBL due to financial difficulties and being unable to find a major sponsor.