Due to a poor financial strategy, the Falcons had to fold after only two seasons. Their intercity rival, Toronto City, fared a similar fate and sadly lasted only one year.
During the 1967 season, while still in the NPSL, the Falcons drew an average of 3,792 people per game. Toronto's record for the 1967 season was a bearable 10-5-17. The following season, the NPSL merged with the NASL and the Falcons switched leagues. In the NASL, as legendary Ladislav Kubala as their coach, the Falcons played well collecting a 13-6-13 record, but money troubles caused the club to fold. Their average attendance for the 1968 season was 5,336 people per game.