The club got off to a fast start with a 5–1–3 record, but then slumped the rest of the way. They won only two of their final 21 games and failed to make the playoffs with a final record of 7–12–11. This led to dismissal of manager Paul Dalglish, with Perry Van der Beck finishing the season as interim manager.[2] Positives from the season included capturing the inaugural Coastal Cup versus Miami FC. They also took home the 2010 Ponce De Leon Cup, which was contested between Miami FC, the Puerto Rico Islanders and FC Tampa Bay.
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The Ponce De Leon Cup was a fan-based derby and trophy that was created in 2006. Participants were originally United Soccer Leagues first division teams (later USSF-D2, then NASL teams) based in lands that Spanish explorer Juan Ponce de León had visited; namely Florida and Puerto Rico. It was awarded to the club with the best record in league games versus the other participants. FC Tampa Bay and Puerto Rico were level on points, wins, goal differential, head-to-head meetings, goals for, and goals against. Tampa Bay was declared the winner by virtue of scoring five away goals to the Islanders' three.