The Mustangs came into existence after the demise of the International Hockey League's Phoenix Roadrunners who lost funding from a local Indian community and ceased operations after the 1996–97 season.

Their arrival rekindled a decades long rivalry between Phoenix and San Diego based teams in several minor leagues.

The Mustangs were quite successful on the ice their first three seasons, including winning the WCHL's Taylor Cup Championship in 2000 with a four-game sweep of the Tacoma Sabercats, with an exciting sudden-death overtime victory at the Coliseum in game four.

The Mustangs were unable to secure a new lease with the Coliseum for the 2001–02 season and were forced to cease operations.

Note: GP = Games played, W = Wins, L = Losses, OTL = Overtime losses, SOL = Shootout losses, Pts = Points, GF = Goals for, GA = Goals against, PIM = Penalties in minutes Final records.