It first began playing amateur football, under the name Vegueta-Universidad, only appearing in Tercera División in 1997–98.

[1] During the campaign, Universidad played at Maspalomas, as its grounds were only artificial then, and neighbours UD Las Palmas did not wish to share its Estadio Insular.

Subsequently, Universidad played as feeder club to Unión Deportiva, after one of its founders and then chairman, Alfredo Morales, decided to merge after being installed into the latter's board of directors.

[2] It only lasted one season, as Francisco Gómez Cáceres returned (after being ousted by Morales) and rendered the club again independent, as it subsequently competed solely in the third division; in 2007, the club moved from the 2,000-seat Estadio Alfonso Silva to the Estadio Pepe Gonçalvez.

At the end of the 2010–11 season, Universidad was relegated to the fourth level for failing to pay its players.