In 1970, Körfuknattleiksfélag Reykjavíkur (Reykjavík Basketball Club, KFR) joined Valur and became their basketball division.
1970-ben a Körfuknattleiksfélag Reykjavíkur (Reykjavík Basketball Club, KFR) beolvadt a Valurba, ezzel a kosárlabdacsapatává vált.