On January 26, 1920, the Winnipeg Falcons, a team dominated by players of Icelandic heritage, captured the Manitoba Hockey League title with an exciting 6-5 triumph over the Selkirks in overtime. That was the first of a string of victories that established the Falcons as one of the greatest early hockey teams in the history of Canadian sport.

The Manitoba Champions defeated the Fort William Maple Leafs by scores of 9-1 and 7-2 in a two game, total point Allan Cup semi-final played at the Amphitheatre Rink. In the first game of a two game final held in Toronto, over eight thousand people paid up to twenty-five dollars per seat to see the Falcons defeat the famous Varsity Blues by a score of 8-3. The Falcons won the hard fought second game by a score of 3-2 and were awarded the Allan Cup, the symbol of Canadian amateur hockey supremacy.

The Allan Cup champions were then selected to represent Canada at the Olympic Games in Antwerp, Belgium, in which hockey became an official Olympic sport. The Olympic Games also served as the World Championships and the Falcons faced teams from Czechoslovakia, Norway, Sweden, Denmark, and the United States. The Winnipeg Falcons displayed their speed and fine form as they defeated the Czechoslovaks 15-0, the U.S.A. 2-0, and Sweden 12-1 en route to the Olympic Gold Medal.