Balonmano Atlético Madrid was created in the early 1950s, it won 11 Spanish Leagues and 10 Spanish Cups between 1952 and 1987, and reached the final of the 1984–85 European Cup and the 1986–87 EHF Cup; they lost both to, respectively, Metaloplastika Sabac and Granitas Kaunas. Jesús Gil disbanded the team in 1992, but it still competed as Atlético Madrid Alcobendas for two more seasons under the management of some stockholders before finally disappearing in 1994.
Los Colchoneros welcomed handball back into their organization in 2011,formally known as BM Ciudad Real, which folded and relocated to Madrid for financial reasons. The new team started off quite successfully, beating FC Barcelona Handbol 33–26 in the Supercup match in August 2011.
In July 2013, the club announced the shutdown of BM Neptuno/Atletico Madrid due to little financial support received from public and private entities.