According to a study from January 2011, the club was the youngest team in Europe, with an average age of 19.02 years.

[1] Olimps was founded in 2005 because there were only seven teams in the top division of the Latvian football league.

At the end of the 2008 season, the youth academy of the dissolved FK Rīga joined the club.

Before the season, Olimps received the ASK prefix (Armijas sporta klubs), as it was supported by the Ministry of Defence, similarly to the club that existed in the 1920s and 1930s.

However, by 2009, due to the impact of Latvian financial crisis, the ministry dropped its funding.