 The Valur men's basketball team was founded as "Gosi" on 25 December 1951 and was one of the founding members of the Icelandic men's top division.On 22 December 1957 the club changed its name to "Körfuknattleiksfélag Reykjavíkur" (Reykjavík Basketball Club) and played under that name until 1970.On 3 October 1970 the club merged into Valur sports club and became its basketball department.