Toulouse Football Club was established in 1970, three years after a seperate team of the same name merged with Red Star Olympique and effectively folded. After initially playing in the same colours as the previous club, Toulouse adopted their own identity in the late 1970s. The club is currently owned by Olivier Sadran and is sometimes known by its nickname, le Téfécé.
The club made its debut in Divison 2 for the 1970–71 season and established themselves fairly quickly, gaining promotion to the top flight in 1982. Since the beginning of the 1990s, Toulouse have become known as a yo-yo club, due to their frequent relegations and promotions causing them to bounce between the divisions. These on-the-field struggles have led to financial problems and in 2001, the club became bankrupt, leading to them being relegated to the third tier. They would quickly return to the top flight after just two seasons.
Other than winning Ligue 2 in 1982 and 2003 and a victory in the under-19 Coupe Gambardella in 2005, the club has failed to win any major trophies. However, the 2006-07 season was an unexpected success for the club, and at its conclusion, they gained entry into the UEFA Champions League. Unfortunately, they were eliminated from the competition in the third qualifying round, losing 5-0 on aggregate to Liverpool. In 2008-09, the club's league performances gained them qualification to the UEFA Europa League.
Their traditional rivals are Bordeaux and their derby is known as the Derby de la Garrone.
Some of the more notable players to represent Toulouse Football Club over the course of its history include a host of French internationals such as Fabien Barthez, André-Pierre Gignac, Jérémy Mathieu, Cédric Carrasso and Jonathan Zebina, as well as foreign talents like Achille Emana and Johan Elmander.
Toulouse play their home matches at the Stadium Municipal de Toulouse. The stadium, which is the seventh largest in France, was originally built in 1937 for the 1938 FIFA World Cup and was renovated for use in the 1998 FIFA World Cup, where it hosted six matches. Currently, the stadium can hold a maxium capacity of 35,472.