In the 1994–95 season, Olimpia reached the Argentine League finals, where they were beaten by Club Sportivo Independiente.

The roster for that season was: Alejandro Montecchia, Walter Guiñazú, Federico Helale, Jorge Racca, Leonardo Gutiérrez, Lucas Victoriano, Sebastián Uranga, Todd Jadlow, Andrés Rodríguez, Carlos López Jordan, Alejandro Burgos, and Michael Lamont Wilson.

The team's head coach was Horacio Seguí, while Jorge Racca was named the Argentine League MVP.

That same year, Olimpia also won the FIBA South American League, after defeating the Brazilian Championship team S.C. Corinthians Paulista, in the final.

By 2009, Olimpia had a debt of $1.5 million,[1] and due to that critical situation, the basketball team disaffiliated itself from the top level Argentine League.