The franchise was restarted in 1989, with the ownership purchased by Englewood, Colorado investment banker Gary Graham for $125,000. Graham's first move was to hire former NFL and AFL coach, Babe Parilli as the team's head coach. The team struggled to earn money during the 1989 season due to only hosting one home game. The team finished with a 3–1 regular season record, and lost in the first round of the playoffs, 37–39 to the Gladiators.
