At that time, the team was represented by such sports masters, such as S. Atraškevičius, J. Balakauskas, A. Butkūnas, V. Juchnevičius, E. Kuodys, A. Matačiūnas, R. Petrauskas, R. Sargūnas, V. Stalilionis, J. Zičkus, E. Žurauskas, V. Variakojis and others.

In more than three decades, many notable basketball persons played for the Panevėžys' team: Algimantas Baziukas, Algirdas Brazys, Raimundas Čivilis, V. Dambrauskas, A. Kairys, M. Karnišovas, Jonas Kazlauskas, Algirdas Kriščiūnas, Rimas Kurtinaitis, Vitoldas Masalskis, O. Moisejenka, Gintaras Leonavičius, Rolandas Penikas, Algimantas Pavilonis, A. Šidlauskas and others.

Notable boarding sports school members, who later been a part of the Lithuania national basketball team, trained their skills in Lietkabelis.

In 2004–2005 season and from 2007 to 2012, Panevėžys team participated in Baltic Basketball League's second division (renamed to BBL Challenge Cup in 2007).

During ten years in this league, the team achieved first place twice in the BBL Challenge Cup (in 2005 as Panevėžys and in 2012 as Lietkabelis), they also won bronze medals twice as well (in 2008 and 2011 as Techasas).

In the LKL, the highest the team achieved was the quarterfinals, though they did come close in 2007 to reaching the semifinals, losing a very tough series to BC Šiauliai 1:2.

In the playoffs, Lietkabelis beat BC Vytautas in the quarterfinals 3:0, then shocked Lietuvos rytas 3:1 in the semifinals before losing to Žalgiris in the LKL finals 1:4.

On 12 October 2016, Donatas Tarolis buzzer-beater guaranteed Lietkabelis first 89–88 EuroCup victory in the history of the club against KK MZT Skopje.

[14] On 23 November, the record of attendance was achieved, with 4427 spectators during the second game versus Cedevita, though Lietkabelis lost a tough rematch 68:69.

Lietkabelis played in Group F against former tournament champion BC Khimki, and German giants Bayern Munich and ratiopharm Ulm.

While Lietkabelis did not manage to defeat Khimki and Bayern, they won both games against a powerful ratiopharm Ulm team, and finished the Eurocup Top16 phase with a respectable 2–4 record.

Head coach Artūrs Štālbergs was shockingly fired after a few upset losses in the LKL, replaced by assistant Vitaliy Cherniy.

Tough losses to Galatasaray 77:84 at home, and 62:76 to KK Budućnost in Podgorica left Lietkabelis with a 4–6 record and a game out of the Top16 round, ending the competition in disappointment.

Point guards Gary Talton and Adas Juškevičius left the team, and were replaced by the talented Arnas Velička and Dominik Mavra.

Facing Žalgiris in a previous year's finals rematch, Lietkabelis lost 74:88, and defeated BC Dzūkija in a hard-fought game 81:78 to win third place.

In the playoffs, Lietkabelis defeated BC Šiauliai 3:1 in the quarterfinals, thanks to veteran leadership and a great series by team leader Žanis Peiners.

Initially, Lietkabelis was supposed play in the qualifying round, but after one of the teams, Eskişehir, announced withdrew from the competition, Lietkabelis earned a place in the 2018–19 Basketball Champions League regular season, joining group C along with defending champion AEK Athens, Antwerp Giants, ČEZ Nymburk, Montakit Fuenlabrada, Hapoel Jerusalem, JDA Dijon and last year's Euroleague participant Brose Bamberg.

Playing in Group A, along with Türk Telekom, Dinamo Sassari, Baxi Manresa, Hapoel Holon, SIG Strasbourg, Filou Oostende and Polski Cukier Toruń, Lietkabelis started the regular season 0–4.

Owing to the Coronavirus pandemic, the LKL season was ended prematurely - in a hugely disappointing development, Lietkabelis suffered what at first seemed an insignificant loss to BC Pieno žvaigždės before the pandemic - the loss, though, allowed Rytas Vilnius to finish the season second, one win over Lietkabelis, who finished in third place.

Playing in a very strong group, with Virtus Segafredo Bologna, Lokomotiv Kuban, AS Monaco, MoraBanc Andorra and Telenet Giants Antwerp, Lietkabelis finished the season with 2–8 record, one win away from qualification to the Top 16 phase.

Down even in double figures, Lietkabelis fought back, and managed to shock Rytas with a 82:80 win to qualify for the finals - for the second year in a row.

Despite the loss, Lietkabelis returned to the city as heroes, with thousands of fans showing up to support the team for their amazing efforts during the season.

In the Eurocup, Lietkabelis faced strong competition in Prometey Slobozhanske, Juventut Badalona, Ratiopharm Ulm, JL Bourg Basket, Umana Reyer Venezia, Germani Brescia, Frutti Extra Bursaspor, U-BT Cluj-Napoca and Cedevita Olimpija - a very even group.

In the King Mindaugas Cup, Lietkabelis reached the Final Four by easily beating BC Juventus in the quarterfinals, winning both games 85:81 away and a dominating 109:73 at home.

Žalgiris dominated, building the lead with each quarter, and finished off Lietkabelis 95:66 to win the series 3:1 and return to the finals, getting revenge for the previous season.

Lietkabelis, needing to respond, recovered and managed to pull out a dominating 75:55 win in front off a sellout crowd in Jonava to tie the series 2:2 and setting up a deciding clash for the bronze medals.

After a 1-3 start in the Eurocup, in a group featuring JL Bourg Basket, U-BT Cluj-Napoca, defending EuroCup champions Dreamland Gran Canaria, ratiopharm Ulm, Aris Midea, Türk Telekom, Budućnost VOLI, Dolomiti Energia Trento and Śląsk Wrocław, Lietkabelis decided to fire Štelmahers and replace him with the returning Čanak, who returned after an unsuccessful start of the season with Türk Telekom.

Also under coach Čanak, Sirvydis went on to become the top scorer of the EuroCup competition, with Orelik also putting up huge scoring performances and Varnas also contributing big in games.

With focus shifting back to the domestic front, Lietkabelis also made some adjustments to the roster - Sabeckis departed the team, and Bičkauskis returned to the team while Lietkabelis also signed Diante Baldwin as the new point guard, and also solved their problems with the center position by signing back Đorđe Gagić, recently released by the BC Wolves.

Lietkabelis defied all odds by beating the Wolves 86:84 in the opening game in Vilnius to take a 1:0 series lead, erasing a double digit deficit in the deciding minutes.