But the true origin has more to do with the players on the team assembled to win the Allan Cup by local hockey pioneer and postmaster Goldie Smith, with several critics of the time reportedly grumbling that Melville would need to be a town of millionaires to attract the level of talent they did.

Smith is credited with discovering Eddie Shore, who was part of a Millionaires team that won the 1923-24 Saskatchewan senior championship.

About ten years later, Smith was working for the Detroit Red Wings when he spotted the talent of another hockey legend, Sid Abel.

On February 27, 1981, Hextall faced 105 shots against the five-time league champion Prince Albert Raiders in a 21–2 loss.

"[5] The current home of the Millionaires opened in 2011 as the Horizon Credit Union Centre, part of the $26.5 million Melville Communiplex project.