The club played its home games at the 3,000 capacity Železnik Hall and have won the regional ABA League twice, in the 2003–04 and 2005–06 seasons.

[5] The club was established under the name KK ILR Železnik in 1975 on the joint initiative of the Ivo Lola Ribar Machine Factory (named after Yugoslav communist politician and military leader Ivo Lola Ribar) and the Železnik local community administrative board.

Initially, the club was part of the Ivo Lola Ribar Sports Society, which, in addition to basketball, also fielded teams in football, handball, volleyball, boxing, bowling, archery, and chess.

Over time, as interest in basketball grew throughout the community, the club started developing a youth system by adding various age categories.

[6] In the 1980s, the Železnik's senior squad starting posting notable results as the club progressed from the lower leagues.

[11] The agreement stipulates that all the club's results within the specified period (including trophies) will be attributed to the Crvena zvezda.

In July 2015, Crvena zvezda became financially consolidate, and the agreement between the clubs ended a year before it was originally planned.