Team Logo. The Milwaukee Mustangs, unrelated to the league's current Milwaukee Mustangs, were a team in the Arena Football League. They lost all 4 of their playoff games. The team folded in 2001 when they lost their lease on their stadium. Retrieved from "https://prosportsteams.fandom.com/wiki/Milwaukee_Mustangs_(1994-2001)?oldid=17436" Categories: Former Arena League teams Teams in Wisconsin Teams in Milwaukee Community content is available under CC-BY-SA unless otherwise noted.