Ifaistos Limnou was originally founded as Gymnastikos S. Larissas in 1928, and it was the first basketball club of the city of Larissa, that played in the top-tier level Greek Basket League. In 1979, basketball coachGiannis Ioannidis, after winning the top-tier Greek League championship with Aris, surprisingly agreed to become the head coach of Gymnastikos. Gymnastikos was in the B National at the time, and had great aspirations of being promoted to the top-tier Greek league. Ioannidis led the team to an undefeated run in the Greek 2nd Division in the 1979–80 season, which earned the club a league promotion to the top-tier division in 1980. From that time, and through the 2005–06 season, the club played several times in the top-tier Greek League. The club's best season to date was the 1994–95 season, when under head coach Vangelis Alexandris' guidance, they almost earned a qualification place in the 3rd-tier European-wide league, the FIBA Korać Cup. They were ultimately denied a place in the Korać Cup by Sporting, by just one point, in the play-off decider game that determined which team qualified for Korać Cup. Gymnastikos later suffered relegation to the Greek second division in 1998, but against all odds, they returned to the top flight Greek league in 2005. Despite the club's low budget, they had a good season in the top-tier Greek League, during the 2005–06 season. However, due to financial problems, the club was merged with AEL 1964, in 2006, which again ended its presence in Greece's top basketball league. Also in 2006, Keravnos Larissa, the club's feeder team, changed their name to Keravnos Gymnastikos, as a reminder of the club's past glory days. Eventually, 9 years later, in 2015, Gymnastikos returned to existence, after merging with another other local club of Larissa, Foinix Larissas. Foinix Larissas had been founded in 1995, and in the previous season, it had played in the 3rd-tierGreek B League. Foinix Larissas was then replaced by Gymnastikos S. Larissas, after the two clubs merged in 2015, thus ending Foinix's presence in Greek basketball competitions. The club played in the 3rd-tier level Greek B League during the 2015–16 season, and was promoted to the 2nd-tier level Greek A2 League, for the 2016–17 season. In the summer of 2017, Gymnastikos merged with Faros Keratsiniou, and then took Faros' place in the upcoming top-tier level Greek Basket League 2017–18 season. Faros retained all of its amateur and junior clubs. Gymnastikos' club name then officially became Gymnastikos Syllogos Larissas Faros 2017, abbreviated as G.S.L. Faros 2017.
Ifaistos Limnou B.C. (2018–present)
In 2018, the club came under the ownership of Pantelis Boumbouras, and he subsequently moved it to Myrina, on the Greek island of Lemnos. Accordingly, the club then also changed the team's name to Ifaistos Limnou B.C., and also changed the team's logo, emblem, and colors.
Arenas
When Ifaistos was based in Larissa, it used the 2,000 capacity Alkazar Hall, as its home arena for more than 20 years. Then in 1995, when the Larissa Neapolis Indoor Arena was opened, the club moved to that arena. The club then played its home games at the Larissa Neapolis, which can seat up to 5,500 people for basketball games, until it moved to Lemnos. After the club moved to Myrina, Lemnos, its first official home arena became the newly rebuilt and remodeled Nikos SamarasIndoor Hall, named after Nikos Samaras, which has a seating capacity of 1,260.
