The Falcons hold a special place in the history of the NBL with the club largely responsible for the formation of the league which also saw them organise the first season in 1979.

The other clubs had to pay a fee of around AU$300 to the Falcons to participate in that first season and the city of Newcastle is regarded as the birthplace of the NBL.

The club's downfall began in the mid-1990s when problems with sponsor, clothing and sports equipment company Topper befell them and the National Soccer League's Newcastle Breakers.

In 2011, past Falcons players reunited for a charity exhibition game at the Broadmeadow Basketball Stadium to raise funds for the Cancer Council.

[1] Nathan Tinkler's Hunter Sports Group attempted to revive the Falcons NBL team around this time but was ultimately unsuccessful in doing so.