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Dennis Sorenson formed an Anchorage senior men’s ice hockey team named the Anchorage Aces to compete against a local in-state team the Fairbanks Gold Kings. Sorenson a former Gold King ultimately envisioned an Aces team with about a twenty game schedule, similar to the Gold Kings. The Aces played four unofficial games during in the 1989-90 season. During the 1990-1991 season Keith Street led the team on their 22-game schedule which included 20 games against teams registered with USA Hockey. The 1990-1991 season ended with the Aces winning the Senior Men's Open National Championship held in Fairbanks.
The Aces joined the Pacific Northwest Hockey League (PNHL) for the 1991-92 season playing six of their home games at Sullivan Arena in Anchorage and eight at the Central Peninsula Sports Center in Soldotna. The Aces finished second in the PNHL with a 16-12-2 regular season record and were the runners-up in the national USA Hockey tourney after a 0-4-1 tourney run.
In the 1992-93 season new Head Coach Mike Ashley led the Aces to a 19-3-0 regular season record. However, in the USA Hockey Senior Men's Open Tournament, the Aces finished second for the second year in a row after compiling a 4-1 record in the tourney, losing the tiebreaker to the Chicago Chargers. Ashley resigned following the season.
For the 1993-94 season Steve Gasparini took over as head coach and led the Aces to a 22-9-1 regular season record. The Aces also won their second championship in the USA Hockey Senior Men's Open National Tournament with a 5-0 run highlighted by the 6-0 rout of the Fresno Falcons. In 1994-95 the team went 27-9 and lost in the championship game to the Gold Kings.
After an unsuccessful attempt to form a new Pacific Rim Hockey League, the Aces joined the new West Coast Hockey League (WCHL) for the 1995-96 season and played in that league until 2003. Mid-way through the 1995-96 season the Aces released forward Mike Myers after he was charged with rape. Three juries failed to convict Myers of the charges.
Mike Cusack Jr. became sole owner of the franchise following the 1995-1996 season.
In the 1996-97 season the Aces initially lost in the league playoffs to the Fresno Falcons three games to one. However the WCHL commissioner determined that their 2-4 loss in game four would be changed to a 1-0 victory due to forfeit by the Fresno Falcons when they failed to meet the minimum roster requirement because of injuries and suspensions. The Aces won the deciding fifth game 5-3 and advanced to the Taylor Cup.
In the 1998-99 season the Aces finished in third place with a 34-30-4 record and advanced to the semifinals only to be ousted by Tacoma in three games.
In 2000-01 the Aces signed former National Hockey League (NHL) goalie Vincent Riendeau and right wing Kevin Brown. The Idaho Steelheads defeated the Aces 3-0 in the first round of the playoffs.
In 2001-02 the Aces hired a new GM and hired former NHL coach and player Butch Goring as their new head coach and re-signed only four players from the previous season. The Aces signed five former NHL players: defenseman Jim Paek, goaltender Scott Bailey, wingers Todd Harkins and Daniel Goneau and center Clayton Beddoes. Clayton Beddoes retired just a few games into the season due to a previous shoulder injury. The Aces promoted a "Guaranteed Win Night" where if they lost the game, the fans in attendance would receive free Aces tickets. After a 10-18-4 start, Aces owner Mike Cusack fired head coach Butch Goring and VP of business operations Lou Corletto and hired former head coach Walt Poddubny. Shortly thereafter, general manager Stirling Wright stepped down.
In May of 2002 the Aces filed for bankruptcy; according to the filing papers, the team was almost $2 million in debt. In June of 2002 the Aces were put up for sale on eBay. The club's owner, Cusack, accepted a $1.862 million bid from Duncan Harrison owner of Alaskan Automotive Distributing in Anchorage, but U.S. Bankruptcy Court judge Donald MacDonald converted the Aces' bankruptcy case to Chapter 7, which allowed him to reject the Harrison bid. The club was eventually sold for $1.05 million to a seven-member group led by Terry Parks, a local investor, and Dan Coffee, a local businessman.
The Aces joined the East Coast Hockey League (ECHL) for the 2003-04 season following a merger between the WCHL and the ECHL. They were renamed the Alaska Aces after the league switch, and unveiled a new logo and new uniforms.
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