Wolves

The club was founded on 2 June 2022, with the name Wolves referring to the mythical Iron Wolf and the founding legend of the city of Vilnius. The license of Dzūkija Alytus was used starting from the 2022–23 LKL season.

LKL league expanded to 12 teams again, and a second basketball club appeared in the capital after over a decade. Nevertheless, some Lithuanian basketball communities view the club skeptically because it appeared in the top league based on monetary over-playing principles, and others because of the club owner's alleged connection with Russian businesses. Wolves claim its main objectives to be strengthening Lithuanian basketball, attracting solid players, raising co-competition between the LKL clubs, and upholding ambitions to reach the level of an elite European basketball club. After only two years of existence, Wolves have reached a place in Europe's second-tier club tournament, the EuroCup, but this was only achieved through monetary agreement rather than game principle.

On 5 July 2022, Rimas Kurtinaitis was officially announced as the head coach of the club. On 6 July, Adas Juškevičius became the first player signed in the club's history. Wolves also signed Lithuanian men's national basketball team players Eigirdas Žukauskas, Kristupas Žemaitis, solid LKL players like Regimantas Miniotas, Vitalijus Kozys, Arnas Beručka and longtime veteran, holder of multiple Lithuanian league records and former star of Rytas, Mindaugas Lukauskis, locally also known as the Iron man or the Legend. Marcos Delia became the first foreign player to sign a contract with the team, and soon after Ahmad Caver was the next one signed. The signing of Juan Gomez de Liano caused quite a stir in the homeland and Lithuania; he became the first Filipino basketball player to represent a European basketball club officially.

Wolves started their first official game in the Lithuanian Basketball League with an away win over Nevėžis Kėdainiai 81–76. The club participated in the 2022–23 FIBA Europe Cup qualifying round, its first-ever participation in a European competition. Wolves defeated the legendary Greek team Aris Thessaloniki 88–77 in the first round but lost in the second round to Bulgarian champion Rilski Sportist 91–76, losing the chance to qualify for the tournament. In the LKL, the club had struggles, but mainly due to the signings of Jeffery Taylor and Eric Buckner, they had risen to the standings. Wolves started a rivalry with Rytas Vilnius and also had competitive matches with long-time LKL champion and Euroleague participant Žalgiris Kaunas – scoring wins over both teams in February and the beginning of March. Wolves also defeated Eurocup participants Lietkabelis Panevėžys in the regular season series, which helped them reach third place in the LKL standings. Ahmad Caver in particular shined, as he was named the LKL MVP of the regular season. Wolves made late-season signings, Rashard Kelly and Jerai Grant, to strengthen the team before the playoffs.

In the King Mindaugas Cup, Wolves finished second in the qualifying round standings behind Neptūnas Klaipėda. The second-place finish, however, meant that during the draw for the quarterfinals, Wolves drew Žalgiris Kaunas. Žalgiris easily beat Wolves in Alytus, 95–79, and Kaunas, 91–72.

On 28 March 2023, Wolves fired head coach Kurtinaitis, with assistant Aurimas Jasilionis. The firing came after Wolves qualified for the European North Basketball League (ENBL) final four. They hired Kęstutis Kemzūra to replace Kurtinaitis, also hiring Marius Leonavičius and Nedas Pocevičius as his new assistants.

The club also got their second chance in a European competition, participating in the 2022–23 European North Basketball League, which started in November 2022. Wolves defeated Budivelnyk Kyiv in the quarterfinals, qualifying for the final four, while still under coach Kurtinaitis. Under coach Kemzūra, Wolves beat Wilki Morskie Szczecin 58–55 in the semi-finals. In the finals, Wolves lost to Stal Ostrów Wielkopolski 60-70, which prevented the team from winning their first championship.

Entering the LKL playoffs, Wolves faced CBet Jonava. The club won only one of their matches against CBet during the regular season. As CBet won against Wolves by 80-76 in an away series opener and finished them off in Jonava by 80-75.

Due to the reconstruction of its Avia Solutions Group Arena, the team played some home games in Alytus Arena.

On 24 May 2023, Jeffery Taylor renewed his contract with the club until 2025, with an option for an additional year. By joining the remaining core of the team: Adas Juškevičius, Eigirdas Žukauskas, Regimantas Miniotas, Kristupas Žemaitis, Vitalijus Kozys, Arnas Beručka. While retaining much of their core players, Wolves did lose out on LKL MVP Ahmad Caver, who left the team during the summer. To replace Caver, Wolves signed Rasheed Sulaimon, who quickly became team leader during the pre-season games for the team. Wolves also signed Christian Mekowulu to replace Dellia, Tre'Shawn Thurman, and finished the summer by signing Artūrs Žagars and Vaidas Kariniauskas as the teams new point guards, the last two coming of incredible performances for their respective national teams, Latvia and Lithuania, in the 2023 Basketball World Cup. Kariniauskas was actually signed by M Basket Mažeikiai, which resulted in Wolves having to buy out Kariniauskas just as the season was about to start. Đorđe Gagić was signed as the team's main center - however, he struggled to adjust within the Wolves, and was released later in the season.

On 17 August 2023, Jonas Valančiūnas joined the investors of the club.

Wolves also made their debut in the 2023-2024 edition of the EuroCup. Wolves started the season strong - while they dropped the first two games in the EuroCup, starting 0-2, they won their next four out of five games, even with a serious injury to point guard Žagars, and finished the first round with a 4-4 record, and fighting for a place in the playoffs. Sulaimon lead the team in scoring, twith Thurman, Žemaitis and Kariniauskas also having strong games for the Wolves. In the LKL, the Wolves started dominant - Wolves went on to beat both BC Žalgiris and city rivals BC Rytas, and lead the LKL standings after the first round with a dominating 10-1 record, the lone loss coming against 7-Bet Lietkabelis, fellow EuroCup participant. Nonetheless, everything seemed to click for the Wolves team - Wolves were also among leaders in attendance in both the EuroCup and LKL.

By December, things started crumbling - a disastrous 68-96 loss against BC Juventus in Utena was followed by a very long streak of losses in both the LKL and the EuroCup. Even the addition of center Garrison Brooks and the return of Jeffrey Taylor, out for most of the first half of the season with an injury, was not enough to change the team fortunes. In the LKL, Žalgiris crushed the Wolves to take back first place in the LKL standings, and subsequent losses to Lietkabelis, and Rytas, caused the Wolves to plummet to fourth place in the LKL standings. In the EuroCup, Wolves lost seven of the next eight games, in particular painful were the losses against Beşiktaş and Ukrainian side Prometey Slobozhanske, both of whom the Wolves beat in the first round, costing the Wolves a spot in the EuroCup playoffs. In the 2024 addition of the King Mindaugas Cup, luck would once again run out on the Wolves, as they drew Žalgiris in the quarterfinals - Žalgiris easily beat the Wolves 95-76 in the first match, and while both teams drew 82-82 in the return leg, Žalgiris went on to win by aggregrate 177-158, with the Wolves once again eliminated in the quarterfinals.

On 21 January 2024, the club announced that it parted ways with the head coach Kemzūra, as he was replaced by the assistant coaches, Nedas Pacevičius, who took over as head coach, Marius Leonavičius and joining Wolves from BC Neptūnas, Mindaugas Brazys. The changes helped the Wolves start salvaging the remaining of the season - Wolves finished with three consecutive wins in the EuroCup and finished with a respectable 8-10 record, just a win out of the playoffs. In the LKL, after the assistans took over, also sparked by the return of Žagars, the Wolves went on to win the last eleven out of the team's fourteen games, including wins over Lietkabelis and another impressive win over Žalgiris at home to finish the LKL regular season in third place, with a 22-8 record, just behind league leading Žalgiris and Rytas.

In the LKL playoffs, Wolves faced off against Neptūnas. Wolves won their first playoff game in club history by beating Neptūnas at home, 91-84. In Klaipėda, however, Neptūnas got their revenge, 95-76, to set up a deciding clash in Vilnius. In Vilnius, lead by an incredible game by Žemaitis, Wolves beat Neptūnas 91-80 to win their first ever playoff series 2-1. In the semifinals, Wolves faced city rivals Rytas. In one of the best LKL semifinals ever, Wolves started with a 96-85 win over Rytas, to take a 1-0 lead in the series. However, Rytas fired back with two consecutive wins over the Wolves, 113-75 and 86-78, to take a 2-1 series lead, with both games featuring numerous incidents between the players, fans and even Rytas head coach Giedrius Žibėnas. Wolves managed to bounce back with a 97-86 win over Rytas to tie the seties 2-2, and to set up a deciding clash with Rytas. In the fifth and deciding game, Wolves did manage to lead by double digits early in the first half, but Rytas, lead by Marcus Foster, fought back and went on to win 92-87, winning the series 3-2.

Wolves faced Lietkabelis for the bronze medals. Due to their great performances against Rytas in the semifinals, experts and fans considered the Wolves as the heavy favorites of the series. Lietkabelis had other plans - Lietkabelis managed to come back down double deficit in the final minutes and shocked Wolves in Vilnius with a 86-84 win to take a 1-1 series lead. Wolves managed to win in Panevėžys, 81-73, to tie the series 1-1. With a chance to take the series lead, Wolves once again failed - Lietkabelis again won in Vilnius, 91-84, and in the deciding game in Panevėžys, in front of their own home fans, Lietkabelis finished off the Wolves with a 98-87 win and won the series 3-1. Gagić, who signed with Lietkabelis after leaving the Wolves, caused giant problems for the Wolves during the series, dominating the paint, and was a key part in the Lietkabelis bronze medal victory.