The 1969–70 Washington Caps season was the first and only one for the franchise in the American Basketball Association. On August 21, 1969, the Oakland Oaks moved to Washington, D.C., due to substantial financial losses despite winning the second-ever ABA championship only weeks earlier. The franchise was purchased for $2.6 million by a group led by Earl Foreman, Thomas Shaheen and Louis Diamond.
However reluctantly, superstar forward Rick Barry was among seven members of the talented Oaks team who made the move from coast to coast. It was grossly misplaced in the Western Division, however, which resulted in a brutal travel schedule. Not only did the team have to compete against the NBA's more established Baltimore Bullets nearby, but it lacked a modern arena to attract fans and forge a home-court advantage. It played several designated home games at neutral sites, including five in Los Angeles, nearly 2,700 miles from home.
Despite these hardships, the Caps did well to finish in third place with a respectable 44–40 record and earn a playoff berth. They faced the Denver Rockets in round one, losing in seven games despite Barry's heroic 52-point performance in Game 7 on the road. It marked the first and to date only time that a player scored as many as 50 points in a seventh game at the ABA or NBA level.
In anticipation of an ABA–NBA merger that would take years to complete, Foreman was encouraged to move the team from Washington to placate the Bullets after the season. For the third time in as many years, the franchise played in a different state in the 1969-70 campaign, this time as a regional team known as Virginia Squires.