Varsity FC was officially unveiled on December 3, 2021, as an inaugural licence holder for the first season of the new semi-professional League1 British Columbia in 2022.

[7] They won the 2022 Juan de Fuca Plate as the League1 BC club with the greatest number of combined points between the men's and women's divisions during the regular season.

[9] Despite losing in the finals, the women's team represented L1BC at the League1 Canada Interprovincial Championship, as the Whitecaps were unable to attend,[11] where they finished in 4th place, following defeats to PLSQ side AS Blainville in the semi-finals[12][13] and losing in a penalty shootout to League1 Ontario side Alliance United FC in the third-place match.

[14] In January 2023, the club went under a change of ownership with UBC Athletics transferring ownership to Hope and Health For Life Society, a non-profit which aims to increase access to sport for development and social impact opportunities with a focus on Indigenous children and youth.

[22][23] After the 2023 season, the club opted to not renew its license for the 2024 League1 BC season, with the club's men's team not providing playing time to Indigenous men's players (although this goal was achieved on the women's side) and with the club struggling to attract much fan support to the matches, although it still intends to run the club in order to offer support, mentorship, and experiences to local athletes facing systemic barriers and will continue to partner with the UBC Thunderbirds Women’s soccer team, along with other amateur and professional teams.