Throughout the entire history of the Racers, Mike Thibault served as the team's head coach and led Omaha to appearances in two CBA Finals.

Before the start of the Racers' inaugural season, the CBA ruled that the team's ownership was not financially solvent and the franchise would need to be put up for sale.

Team president and general manager Mike Cole told Ray Waddell of Amusement Business, "We're very happy with how it has worked out ... We pulled off something many people said we couldn't do.

"[3] Under head coach Mike Thibault, the Racers went 29–27 in 1989–90 and made the CBA playoffs in the National Conference, where they lost to the San Jose Jammers in the first round.

After defeating the Oklahoma City Cavalry in the second round of the playoffs, the Racers lost to the Thrillers in the conference finals, 3 games to 2.

Omaha beat the Wichita Falls Texans in the first round, then slipped past Rapid City in a five-game conference final.

In one of the biggest upsets in CBA playoff history, the Racers defeated Sioux Falls (47–9) in five games, winning the clincher in South Dakota, 98–92.

In 2013, on the 20th anniversary of Omaha's 1993 CBA Championship win, 30 former Racers players, staff and executives gathered for a reunion event at Ralston Arena.