Knattspyrnufélagið Valur, known in English-speaking countries as Valur Football Club, was first established in May 1911 as a subdivision of the local YMCA. Based in Reykjavík, the team have become one of the most popular sides in Icelandic football and are also one of the Úrvalsdeild's most successful clubs. The football team serves as one section of a larger sports club, which also competes in two of the other main sports in the country, basketball and handball. They are nicknamed Valsarar.
The 1930 season brought about the club's first major success, as they won the Icelandic league title. That title win springboarded Valur on to a golden era and further success throughout the remainder of the decade, as they went on to win the league in 1933, 1935, 1936, 1937 and 1938.
In total, the team have gone on to claim 20 league titles, which makes them the second most successful club in Úrvalsdeild history, behind KR. Their most recent league success came at the conclusion of the 2007 season, which was their first league title for twenty years. Additional major honours have come in the shape of the Icelandic League Cup, which they lifted in both 2008 and 2011, as well as the Icelandic Super Cup, which they won in 2005 and 2008. The 2008 season also saw the side defeat NSÍ Runavík to win the Atlantic Cup.
Throughout the years, Valur's team has featured a number of prolific goalscorers, including the likes of Ingi Björn Albertsson and Matthias Hallgrimsson. Other notable players to play for the club include defender Sævar Jónsson, who was named Úrvalsdeild player of the year in 1990, and striker Helgi Sigurðsson, who won the same award for the 2007 campaign.
The club's home games are held at Hlíðarendi, formerly known as Vodafonehöllin, which is able to hold a maximum of 3,000 spectators.