The Mustangs IHC were founded in 2010. During the 2010 AIHL season the Mustangs competed in six exhibition games against ice hockey teams around Australia, including games against the Gold Coast Blue Tongues, the Gold Coast Grizzlys, and Perth Thunder. Following the closure of the 2010 season the AIHL granted a license to the Mustangs to join the league and compete in the 2011 AIHL season. Steve Laforet was named coach and Shane Hardy team captain for the 2011 season. However, on 23 June, it was announced that Laforet had resigned for "personal reasons" and assistant coach, Doug Stevenson would take over the head coach role.