Faros was founded in 1971, by Stefanos Lachanis. The team had its best season to date, in the 2014–15 season, when Faros was
promoted to the
2nd-tier level
Greek 2nd Division, because of the
relegation of
Panelefsiniakos to the
Greek B League (Greek 3rd-tier level), due to financial problems. During its
first season (2015–16) in the
Greek A2 League, Faros had a terrific start to their season, and managed to break the record for the best win/loss start in the league, which was previously set by
Dafnis, during the 1998–99 season. That same season, they also managed to make it to the
Greek Cup's
2016 Final. Faros became just the third team in history to make it to the Greek Cup Final, while not being a current member of the
top-tier level basketball league in Greece, the
Greek Basket League, after
Panellinios in 1987, and
Rethymno Aegean in 2007, previously accomplished the feat. In order to reach the 2016 Greek Cup Final, Faros first beat
Pagrati of the
Greek 2nd Division, by a score of 79 to 57. They then beat 5 top-tier Greek First Division clubs in succession:
Kolossos Rodou (70–66),
Lavrio (76–56),
Trikala Aries (82–67),
Nea Kifissia (61–59); and in the Greek Cup semifinals, they beat
PAOK, of the
European 2nd-tier level league, the
EuroCup, by a score of 69–65. In the
2016–17 season, Faros won one of the Greek 2nd Division's league
promotions to
the top-tier level
Greek Basket League. However, in the summer of 2017, Faros merged with
G.S. Larissas, which then took the club's place in the upcoming
Greek Basket League 2017–18 season. Faros retained all of its amateur and junior clubs. ==Arena==