The franchise was founded in 1959 and played for four seasons before relocating to Toledo, Ohio.

The team was swiftly replaced by the identically named Omaha Knights of the Central Professional Hockey League.

Goaltender Glenn Ramsay won the James Norris Memorial Trophy for the fewest goals against during the 1961–62 and the 1962–63 regular seasons.

The Rookie of the Year Trophy was awarded to Knights' player John Gravel in 1963.

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