The club was founded in the summer of 1972 as Viitorul Scornicești. The first competition in which the team from Scornicești participated was the 1973–74Olt County Championship. The first coach was Gabi Stoicescu, former player of the Progresul București and the squad included players such as the goalkeeper Mircea Ciubotea, Petrescu, Radu Gheorghe, Roșca, Sevastian Cârstea, Dima, Trantescu, Bobei, Petre Petre, Voichin, Toma, Pleșa, Chelban, the strikers Ion Vîlceanu, Stîrcu and Lucian Martinescu. Viitorul won the County Championship and, with Costel Duță as the new head coach, promoted to Divizia C after the promotion play-off played against Unirea Băbeni, the Vâlcea county champion, (1–1 at Băbeni an 6–1 at Slatina).[3]
Viitorul started poorly the first season in the third division and after the first part of the season was ranked 15th. Costel Duță was sacked and replaced by Constantin Rotaru. New players are brought to the team such as goalkeeper Ion Anghel from Sportul Studențesc, C. Mincu, Nucu Păun and Gheorghe Șoarece, a player who would become the symbol of the team,[4] from Dinamo Slatina, Lăcătușu and Mehedințu sent by Dinamo București, Gh. Manea and Petre Manea among others. The team finished in 6th place five points away from the relegation zone.
In 1978 promoted to Divizia B and then, after only one year they reached the first division. It is well known an episode from the last round of the 1978–79 Divizia B season, when to succeed promotion on goal difference, they defeated Electrodul Slatina with 18–0, it also says that at that game, Dumitru Dragomir, the president of the club at that time, brought out both teams from the showers on the field to score a few more goals, that after he misunderstood the result of the other match.[5] However, after the fall of the communist regime, the club lost its main support and was excluded from championship, the same thing happened with the other clubs which were supported by the communist regime, like Victoria București(police team) or Flacăra Moreni (securitate team) since then, FC Olt did not manage to play at a higher level than Liga II.
