Before the start of the Racers inaugural season, the CBA ruled that the team's ownership was not financially solvent and franchise would need to be put up for sale. Terren Peizer purchased the team on September 15, 1989 and announced he would keep the team in Omaha. 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." 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. It was the first post-season appearance for the franchise since Detroit swept them in the 1984–1985 Western Division final.