The Sharks compete in the Super League Basketball and play their home matches at Park Community Arena, which opened in 2023.

The club was established in 1991 when the team, then called the Sheffield Forgers in reference to the city's history as a major steel producer, were admitted to National Basketball League Division 2.

The 1993–1994 season would prove to be another successful one for the Forgers having reached the National Trophy final where they beat Plymouth Raiders 62–60 on "home" territory at the Sheffield Arena.

Their stay in the First Division did not last long, and although they finished in 4th position with a 10–8 record, the Forgers were admitted to the professional top-tier British Basketball League as a new franchise to replace the withdrawing Guildford Kings.

It was during the most successful period of the clubs’ history that owners Chrysalis Group decided to sell off their majority stake.

[1][2] After running into off-court financial difficulties and on the brink of a wind-up order from the BBL, the franchise was acquired by Montgomery Leisure Services Ltd in 2001,[3] the same year that a first Play-off final appearance was secured in after topping the championship.