After the original five CPSL clubs were announced, Calgary was later announced as the sixth franchise.[2] After being turned down by a couple of local investors, the league was able to convince West German player agent Edgar Edringer to invest in a team and the team was officially unveiled on February 24, 1983.[2] Edringer announced his intention to be heavily involved with the franchise, moving to the city and serving as the team's general manager as well.[2] He was confident that the team would be successful, unlike the former NASLCalgary Boomers who operated for only one season in 1981 before folding due to losses of over $2 million despite setting an NASL attendance record of averaging over 11,000 fans, in part due to his knowledge of the sport.[2] Edringer announced that the team would operate on a $650,000 budget ($350,000 for player salaries), which would limit losses due to the investment amount.[2][3]
Their first match was played on May 23 on the road against Mississauga Croatia, which ended in a 1–1 draw.[3] Their home opener came in their third game of the season, on May 29, also against Mississauga, which resulted in their first victory by a 4–0 score, in front of a crowd of 5,107 spectators at Mewata Stadium, in which they featured a starting lineup that contained nine young Canadian players.[3]
After two of the six league clubs folded in mid-June, the decision was made to abandon the remainder of the regular season and proceed directly to the playoffs on July 12.[4] As the Mustangs were the lowest ranked remaining team in the league, they matched up against the Edmonton Eagles in the first round.[4] After losing the first match of the best-of-three series to Edmonton, head coach Günter Noel quit as Calgary's coach, one day ahead of the second match, as he had not been paid since mid-June.[3] The Mustangs lost the second match and were thus eliminated from the playoffs.[3]
The league folded following the single 1983 season, ending the tenure of the Mustangs.[5][2]
