When the school closed in 1999 due to financial difficulties, the players decided to stay in Kusatsu and keep the club alive.

Gunma returned to the J2 League ahead of the 2020 season after being promoted back to J2 after two years spent in J3.

[5] On 29 September 2024, Thespa Gunma were officially relegated to J3 for the second time in their history, for the 2025 season after a defeat by Roasso Kumamoto 2-3 at home, which ended four years in second tier with five games remaining.

Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.

Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.