The team announced intentions to compete in the new Arena Football League following the dissolution of the AF2, but instead ceased operations in October 2009.

They faced the undefeated Sioux Falls Storm and lost the game 62–59 after Collin Barber missed the potential game-tying field goal.

However, on October 16, 2007, House opted to remain in operations by announcing that he changed his mind and the Horsemen would be playing the 2008 season in arenafootball2, where they would have an in-state rivalry ("The War on I-64") with the Louisville Fire.

Most notably, ownership changed hands from the House family to the newly formed non-profit Horsemen Charitable Foundation.

The foundation was spearheaded by former Horsemen general manager Brian Boehm in an effort to keep Central Kentucky from losing yet another professional sports team.