The parent club was founded in 1948, with the merger of two multi-sport clubs in Lyon and vicinity; ASVEL is an acronym combining the names of the predecessor clubs—Association Sportive Villeurbanne and . In its history, ASVEL has won 20 French Pro A League championships, 10 French Cups, two French Supercups, one French Federation Cup, and one Semaine des As Cup (French Pro A Leaders Cup), which makes it the most titled basketball club in France.
In 2014, former San Antonio Spurs star and French national team player, Tony Parker, became the club's president.
In the French Pro A League 2015–16 season, ASVEL won its 18th French League title, after beating Strasbourg IG 3 games to 2 in the French Pro A League Finals. ASVEL was down 2–0 in the series, but won three games in a row to take the championship.
In March 2017, NBA player, Nicolas Batum, became a shareholder in Infinity Nine Sports, the main investment company behind the club, and took over the position as director of basketball operations. Tony Parker remained majority owner, and ASVEL President. In 2018, the club signed a 10-year name sponsorship agreement with LDLC. The club also changed its main team colors from the original white and green to white and black, and changed its main logo design.
In 2019, ASVEL returned to the EuroLeague after the organisation decided to give the team a wild card for two years.
In the 2021–22 season, ASVEL won its third Pro A championship in a row, its first three-peat in 32 years after beating Monaco in the Finals.
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