The club was founded in 1892 as Football Club de Grenoble. In 1997, a merger of Olympique Grenoble Isère and Norcap Olympique led to the Grenoble Foot 38 incarnation. Olympique Grenoble Isère played in Ligue 1 in the 1960–61 and 1962–63 seasons.
It was acquired in 2004 by the Japanese enterprise Index which soon was able to use a new stadium, Stade des Alpes, that registered an initial capacity of 20,000, and which was opened on February 2008, after which it achieved promotion to Ligue 1 in the 2008–09 season. However, after losing their first eleven games of the season, Grenoble were eventually relegated despite a handful of impressive wins (most notably 4–0 against Paris Saint Germain).
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