On 15 June 2016, the club was dissolved due to inability to service the accumulated debts.

In 1998, a new club called FC Elektronika Nizhny Novgorod was founded.

In the 2015–16 season, Volga registered a reserve team FC Volga-Olimpiyets Nizhny Novgorod that entered the third-tier PFL.

After Volga itself was dissolved, Volga-Olimpiyets became independent was renamed to FC Olimpiyets.

Players whose name is listed in bold represented their countries while playing for Volga.