In 1961-62 the Teepees, no longer owned by Thompson Products, were in financial trouble and the Chicago Black Hawks came to their rescue.

St. Catharines, still coached by Rudy Pilous, won the right to play for the Cup by defeating the Toronto Marlboros in seven games for the OHA championship, and the Quebec Frontenacs to win the Richardson Trophy as eastern Canadian representatives.

St. Catharines was now coached by Max Kaminsky and Rudy Pilous was the team manager for the 1960 Memorial Cup rematch versus the Edmonton Oil Kings.

On the road to the Cup, the Teepees defeated the Toronto St. Michael's Majors for the OHA championship, and the Brockville Canadiens to win the Richardson Trophy as eastern Canadian representatives.

The Teepees defeated the Edmonton Oil Kings for the second time in the Memorial Cup, 4 games to 2 in a best-of-seven series.