The franchise began as the Indianapolis Warriors of the United Football League in 1961, where they played for four seasons.

The team moved to Fort Wayne in January 1965,[1] and became a charter member of the Continental Football League (CFL) when it was formed the next month.

Unable to find financial success in Indiana, team owner Al Savill sold the Warriors to a group from Montreal led by construction magnate, and former Montreal Alouette,[2] Johnny Newman[3] in March 1966.

[4] Led by former South Carolina head coach Marvin Bass, the Beavers finished with a 7-7 record in 1966 and a 4-8 mark in 1967.

The Indianapolis Capitols were considered "an outgrowth" of the team when the expansion franchise was established in 1969 to play in the CFL.