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JJ Javelosa, who would later own the team, and basketball coach Nash Racela conceived of an idea for an Iloilo team in the Maharlika Pilipinas Basketball League (MPBL) while playing golf. Racela brought in his co-coach Eric Gonzales to the nascent team. Javelosa, would have tapped his son Jay, who was then playing college basketball for the Ateneo Blue Eagles, while Racela would have recruited from his varsity FEU Tamaraws team. MPBL founder Manny Pacquiao approved of the plan, but was almost shelved when a sponsor backed out. The elder Javelosa eventually found new sponsors, and named the team the Iloilo United Royals.

In the Royals' inaugural season, the team qualified to the playoffs in its debut season, finishing 18–12, claiming the sixth seed in the South. In the First Round, the team was eliminated by the Basilan Steel in the South Division First Round.

In the 2021 MPBL Invitational, the team was drawn into Group A alongside the other Visayas teams – Bacolod and Negros – and finished second, placing them into the playoff tournament. The team would go on to lose to the Nueva Ecija Rice Vanguards in the Quarterfinals. Iloilo then opted out of the 2022 MPBL season, with Javelosa stating that they took a leave of absence as they were uncertain that the MPBL will hold a tournament due to the COVID-19 pandemic in the Philippines.

The Royals were announced to be one of the teams returning to the MPBL in time for the 2023 season. Manu Inigo replaced Eric Gonzales as coach, with Cocolife as the principal sponsor.