This Association was inaugurated in 1983 in Colombo by three former Basketball players from St. Peter's College, Bambalapitiya namely Mr. Jayanthan Jeevaratnam, Mr. Naufel Mahroof & Mr. Bernard Silva. It started with the name Sri Lanka Veteran's Basketball Association with Mr. Malsiri Perera as its first President, who played for St. Benedict's College, Kotahena. He held this post for nearly ten years by popular demand by the members.

In order to promote among the Veteran Basketball players (Men & Women) few tournaments were conducted to maintain the sporting spirits of all above 40 years.