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The club was found after an assembly of employees at the Empresa Eléctrica del Ecuador, an electric company in Guayaquil, decided to start an amateur sports league.
The Long Island Lighting Company, or LILCO "lil-co" , was an electrical power company and natural gas utility for the communities of Long Island, New York, serving 2.7 million people in Nassau, Suffolk and Queens Counties.
Part of the finance Odd Grenland needed for the project was obtained through the lease of the stadium's naming rights to the club's main sponsor since 1995, the Norwegian power company Skagerak Energi.