Founded as charter members of the NPSL, the team was owned by RKO General and Wall Street investor Peter Elser and played their home games at Yankee Stadium.

According to soccer historian David Wagner, New York City's "hugely influential media was likely to make or break the entire venture.

A highlight of the 1968 season occurred on July 12, when the Generals hosted Santos FC in an exhibition match at Yankee Stadium.

[2][10] Following the 1968 season, the NASL experienced severe hardships as their television contract with CBS expired and multiple teams folded.

Famous tennis star Eugene Scott, who had been a director of the Generals, was appointed temporary chairman of the NASL.

[11] However, the following year, Phil Woosnam was appointed NASL commissioner and announced plans for a truncated 1969 season that would feature teams from the United Kingdom playing as stand-ins for their American counterparts.