The original track was built in 1971 on farm land owned by Terry Waters, with chef Bernie Klatt the driving force behind establishing speedway in Mildenhall. Klatt had been the head chef at the officers club at the nearby air force base, and later established a restaurant at the track. The track moved to a second area on the same farm in 1973. After running as a training track, the Mildenhall team entered the New National League in 1975.
The club moved up to the Premier League in 2006 after twelve seasons in the Conference League when new promoter Mick Horton took over. In 2007 Stadium owner Carl Harris formed Fen Tigers Limited with the intention of selling the company shares to the fans. Lifelong supporter Simon Barton bought a major shareholding in the club until the promotion sold to Keith & Jonathan Chapman in August 2008. Team manager Laurence Rogers was replaced with former Tigers rider Richard Knight. At the beginning of the season the club struggled to find a sponsor, so uniquely, the fans collectively sponsored the team.