Due to a lack of suitable ice facility the club suspended its team operations part way through the 2005–06 season.

The team moved to the 1,200 capacity Lee Valley Ice Centre in Leyton, east London, although the arena was considered small for Elite League hockey.

The offseason saw the hiring of former American Hockey League player Dennis Maxwell as Coach, who assembled a much stronger team, including perennial British all-star Steve Moria, and, with the 2004–05 NHL lockout, defenceman Eric Cairns and centre Scott Nichol from the National Hockey League.

On 5 November, during a game against the Nottingham Panthers, defenseman Blaž Emeršič sustained serious facial injuries after colliding with a protruding object in the rink boardings.

Unable to find a new venue or secure agreement on improving safety at Lee Valley, the Racers withdrew their team from competitions on 21 November and subsequently folded.