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The club's parent athletic association, OFI Crete, was founded in 1925. The club's men's basketball team won the championship of the Greek 4th-tier levelGreek C Basket League in 1998, and was promoted to the third-tier level Greek B Basket League. After that, it was relegated back down the Greek C Basket League, but it returned to the Greek B Basket League in 2008.
The next year, OFI was promoted to the 2nd-tier level Greek A2 Basket League, for first time. After a short fall back into the Greek B Basket League, the club returned to the Greek A2 Basket League, and remained there until 2015, when the club was withdrawn from the league due to financial problems.
Arena
The club plays its home games at the 1,000 seat Vardinogiannis Sports Center.