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The Waterloo Hawks were founded in 1948, playing in the National Basketball League. In 1949, the National Basketball League was absorbed by its rival, the Basketball Association of America, forming the National Basketball Association; the Hawks were thus a founding member of the NBA. When the Hawks joined the NBA properly, their roster consisted of players that previously played for the Hammond Ciesar All-Americans in the previous and final season of the NBL. In the 1949–1950 season, their first and only one in the NBA, they finished 19–43, fifth out of six in the Western Division. The Waterloo Hawks are of no relation to the current-day Atlanta Hawks franchise; at the time of Waterloo's existence in the NBA, the latter franchise was based in Moline, Illinois as the Tri-Cities Blackhawks (and moved to Milwaukee when Waterloo's franchise folded).
The National Basketball Association contracted after the 1949–1950 season. The league went from 17 teams to 11 before the 1950–1951 season started. Midway through the 1950–1951 season, the Washington Capitols folded as well, bringing the number of teams in the league down to ten.
The Waterloo Hawks played at The Hippodrome. The arena is still in use today and is located at 250 Ansborough Ave, Waterloo, IA 50701.
When the NBA played in Waterloo the arena is often referred to as McElroy Auditorium. The confusion stems from an NBA publication from the 1960s which erroneously listed the current name of the arena and not its historical name.
Bradley, Robert D. (2013). The Basketball Draft Fact Book: A History of Professional Basketball's College Drafts. Scarecrow Press. ISBN9780810890695., pg. 423