The club was headed up by basketball Olympian Robbie Cadee as General Manager, who launched the franchise in 1998–99.

The club had recruited strongly for their inaugural season led by former league MVP Derek Rucker, veteran Bruce Bolden and young stars Simon Dwight and John Rillie.

The team also become the first club to win the "Doomsday Double" against the Adelaide 36ers and Perth Wildcats on consecutive nights, however, beyond that initial success, they struggled away from home and ultimately failed the reach the play-offs.

General Manager Cadee responded by recruiting Sam Mackinnon from the Townsville Crocodiles and Scott McGregor from rivals Sydney Kings.

For the 2002–03 season the Razorbacks added Willie Farley from Adelaide who replaced foundation player John Rillie, who had taken up an offer to play for AEK Athens in Greece.

Late in 2002 it was revealed that "The Oasis" development was riddled with misappropriation of funds and the planned development would not proceed[2] The Razorbacks owners, the Canterbury-Bankstown Bulldogs Rugby League Club had also been found guilty of serious and systematic breaches of the NRL salary cap regulations and were fined the maximum of $500,000 and deducted all 37 premiership points received during the season.

Cadee axed Watkins and hired Cal Bruton as coach in late 2006 amid a long Razorbacks losing streak.

Among this turmoil, with "The Oasis" development now dead and buried, the original team owner, Canterbury-Bankstown Rugby League Club, withdrew its support.

This period was most notable for the emergence of Damian Martin and Matthew Knight who would establish themselves as future stars of the league.

As a result of the agreement to take significant pay cuts, Julian Khazzouh, Liam Rush and import Derrick Low all left the Spirit for overseas clubs.