The basketball team currently plays in the Liga Nacional de Básquet, the top level of the Argentine league system.

A group of inhabitants of Comodoro Rivadavia (most of them with Spanish ancestors) established Club Gimnasia y Esgrima on February 13, 1919.

Gimnasia y Esgrima organized the traditional "Maratón de los Barrios" (Marathon of the neighborhoods) for the first time in 1942.

Due to serious economic problems, Gimnasia had to sell the building in 1994, causing that all the sports departments of the club (with the exception of basketball) were closed.

Four years later Gimnasia won the second division title, therefore promoting to the top level, just two weeks before the end of the championship.

The roster was: Sebastián Festa, Santiago Haag, Nicolás de los Santos, Gabriel Cocha, Pablo Moldú, Charles Jones, Leandro Masieri, Matías Barberis, Jervaughn Scales, Ruperto Herrera, Diego Romero and Bruce Zabukovic.