The club was founded in 1969 as Mangaung United FC. In 1984 businessman Petros Molemela took over the club and changed the name to Bloemfontein Celtic (after Celtic F.C.). In November 2001, after the relegation of Phunya Sele Sele, Molemela sold his shares in the club to Demetri "Jimmy" Augousti, a former Celtic player.
After only three years out of the top-flight, the club regained its PSL status with an impressive season in 2003-04 when they were crowned First Division champions. They also managed to win the 2005 SAA Supa 8 and the 2007 Telkom Charity Cup.
In 2009 they formed a partnership with Portuguese club Sporting CP, that included the creation of a youth academy, based in the capital of the Free State.
In the South African PSL, only five non-South African nationals can be registered. Foreign players who have acquired permanent residency can be registered as locals. Namibians born before 1990 can be registered as South Africans.