[4][5] In 1911, a group of friends (João da Silva Almeida, Aníbal Jacinto and Antenor) decided to fund a football club after watching a game that opposed FC Porto and S.L.

The friends would gather after work and dinner at lamp 1047 between the streets of Constituição and Particular de Salgueiros to debate ideas and build their new club.

That trend changed in the beginning of the 80's, with team being able to maintain respectable placings and playing for several consecutive years in the top tier.

In 2004–05, facing perhaps its biggest economical crisis since its foundation, the senior football team was administratively relegated from the second division to the third-tier league.

The club had also recently lost its emblematic stadium, (Estádio Engenheiro Vidal Pinheiro), which had been sold to the city hall in order to build a subway station at its location, and had no home arena in which to play their matches or to practice.

Due to the dramatic financial situation and debts, with the club prevented from registering professional players, the senior team ceased to exist at end of the season.

On 8 December 2015, the club announced it had regained the rights of the original Sport Comércio e Salgueiros and would return to its former name and symbols at the start of the 2016–17 season.

Despite the fact that Salgueiros doesn't have a swimming pool, the water polo team, coached by Nuno Mariani, won its 12th national title in a row in 2006.