The team was formed in 1994 and had immediate success on the field. However, the team was in financial turmoil. After nearly folding in 1995, the team was purchased by local business man, Tim Lake who then turned the team over to a Board of Directors and made the team a non-profit organization. Lake served as the team's General Manager until the end of 2000 when former player, Scott Beard was brought on board as the new GM. In ten years, the Timberwolves have enjoyed unprecedented success with three MCFL Championships and one Midwest tournament title.