Glímufélagið Ármann was founded on 15 December 1988 by a group of around 30 people. The main founders where Pétur Jónsson (1856–1908) and Pétur Helgi Hjálmarsson (1867–1941).[3][4]
Árman's men's basketball team was one of the founding members of the top-tier basketball league in Iceland in 1952.[5] It won its first and only national championship in 1976.[6]