A new club The Cosmos were founded in 1995 as a new franchise for entry into the 1995/96 NSL season. The club arose as a ‘community model’ consortium with shares held by
ACT Soccer Federation and a number of local clubs, with some support from the ACT Government. Canberra finished respectably in their first season for a new club. In finishing ninth, they performed better than much more experienced teams
Wollongong,
Newcastle Breakers and
Gippsland Falcons. Much of the credit could be given to experienced Socceroo captain
Paul Wade. But 1995–96 also saw the revelation of talented Canberra-based youngsters
Michael Musitano and
Alex Castro, who were accordingly snapped up by other clubs in the 1996 off-season.
Wooden Spoons Canberra's second season was much more forgettable however. In finishing last, the club ended the season 16 points behind second-last placed team. Despite a dreary end to the season, a positive action would revive the club in 1997 as computing company
Novell came on board with a stunningly large sponsorship deal. This allowed the Cosmos to recruit the 1996–97 coach of the year
Branko Culina and after losing their best players the previous year, Canberra was a net importer of quality players for this season. New signings included
Scottish defender
Gordon Hunter from
Hibernian,
Sydney United midfielder
Ante Moric and the return of Michael Musitano. Unfortunately, this did not translate into on-field performance, winning only once in the first thirteen games – a run including an 8–0 loss to Wollongong – and only three times in the season (including a record 8–1 win over
UTS). The Cosmos finished the 1997–98 season bottom of the table again which saw the departure of Culina and appointment of former Socceroos coach
Rale Rasic. New signings for 1998–99 including
Melbourne Knights goalkeeper
Vilson Knezevic and
Gippsland Falcons defender
Doug Marcina brought hope, but a winless start to the season for Rasic's young side escalated tensions with the board and Rale departed seven weeks into the new season. The Cosmos continued to struggle in the national competition, finishing last for the third year in a row, ten points behind the second-last team. The 1999–2000 season saw some on-field improvement by the club achieving nine wins and nine draws. However, the Cosmos remained unstable financially, and administrators were appointed on 30 June 2000 to oversee the club's financial position. In a time of general turmoil for the NSL, the 2000–01 season was reasonably successful for Canberra, finishing a respectable 11th place and remaining competitive throughout the year with eleven wins and four draws.
Exclusion Soccer Australia determined in mid-2000 that it would review the NSL for the 2001–02 season, proposing to reduce the number of teams from 16 to 12.
Carlton and
Eastern Pride folded during the season, and Soccer Australia determined in June 2001 that Canberra Cosmos was not a 'going concern', excluding them from the league along with
Brisbane Strikers. Appeals by and on behalf of the ejected clubs followed seeking a reversal of the decision, criticising the process and criteria used. Eventually the Soccer Australia board, under pressure from stakeholders and political figures agreed to “re-admit” Canberra and Brisbane to the NSL for the 2001/2002 season. The Cosmos stepped up planning for the new season, appointing new coaching staff and even forming a partnership with
English Second Division club
Swindon Town. Despite looking forward, the Cosmos’ financial problems remained and were unable to recover from the initial exclusion decision. After being unable to pay their NSL affiliation fee, Soccer Australia determined that Cosmos FC had not met the required conditions of entry and on 26 September 2001 terminated its right to participate in the 2001/2002 NSL season.
Statistics (Pld)=Games Played, (W) = Wins, (D)=Draws, (L)=Losses, (GF)=Goals For, (GA)=Goals Against, (Pts)=Points, (Cup)=
NSL Cup placing == Youth system ==