The Greek basketball club
Gymnastikos S. Larissas was founded in Larissa in 1928. In 2006, Gymnastikos merged with the
multi-sports club of
Athletic Union of Larissa, which did not have a fully
professional level men's basketball section at the time. Gymnastikos' basketball team then became the new basketball section for AEL 1964, under the new name of
AEL 1964 G.S., with the newly merged club retaining all of the rights and history of the original club, G.S. Larissas. The colours were maroon and white like AEL, while the new club carried AEL's badge also. In 2009, AEL 1964 G.S. then merged with another basketball club from Larissa,
Olympia Larissa, to form
G.S. Olympia Larissa. G.S. Olympia Larissa finished last in the
Greek Basket League 2009–10 season, and that combined with financial problems, caused it to be
relegated down to the Greek lower divisions. As a result, in 2010, the two clubs of AEL 1964 and Olimpia Larissa, separated back from each other, after having merged. AEL then continued on for the 2010–11 season, under the name of AEL 1964, playing in the Greek lower divisions. A new independent club based on the original
Gymnastikos S. Larissas basketball section, called Nea Gymnastikos S. Larissas, was also formed in 2011. This was because 5 years time had passed since the original Gymnastikos club had merged with AEL 1964, and in the original merger agreement, it allowed for another new club to form locally using the Gymnastikos name and logo, after 5 years had passed. ==Honours==