In an attempt of reanimating the passion for basketball in Mexico City, a group of investors led by Moisés Cosío, announced the foundation of this new franchise.

[4] The group of investors accepted that the situation was challenging but Jordi Funtanet, the director of marketing and communications for the new team said that it was also a very big opportunity.

[7] It was the first Liga Nacional de Baloncesto Profesional (LNBP) team not economically linked to the Mexican government and with total private investment.

[9] Their first season went well; they won 21 out of their first 30 matches, with an offense commanded by Pedro Meza, Fernando Bénitez, and Emmanuel Ándujar, who all received call-ups to the All Star game in early December, along with head coach Ramón Díaz.

However, unlike their first two seasons, the Capitanes would end up bowing out of the league entirely by losing to the Aguacateros de Michoacán 4–1 in the quarterfinals round.

The team was temporarily based in Fort Worth, Texas, for the season so players did not have to cross the border during the restrictions,[14] though they would have different, temporary home arenas set up for that season for an equivalent of home games with the Landers Center in Southaven, Mississippi,[15][16] the Bert Ogden Arena in Edinburg, Texas far south of Fort Worth,[17][18] the Greensboro Coliseum Complex in Greensboro, North Carolina,[19][20] and the Michelob Ultra Arena in Las Vegas, Nevada.

During their inaugural G League season, three of the Capitanes' players were called up to NBA teams: Gary Clark to the New Orleans Pelicans, Alfonzo McKinnie to the Chicago Bulls, and Matt Mooney to the New York Knicks.

[23] In their first full, proper season in the NBA G League, the Capitanes would blowout the Rio Grande Valley Vipers 120–84 in their first official G League game played in Mexico's Arena Ciudad de México after playing their entire previous season in the U.S.A. due to the long-term effects of the COVID-19 pandemic.

The Capitanes would later end up having the second-best record of the entire South division of the Showcase Cup standings, behind the College Park Skyhawks.

The team's logo consists of a yellow and blue rendering of the Monumento a la Revolución, a landmark of Mexico City, with the word Capitanes underneath it, and Ciudad de México in smaller type.

Mexico City Arena hosted the team's home games starting with the NBA G League's 2022–23 season onward.