Gimnasia were runners-up in the 2003/04 Argentine league tournament, when GELP was defeated by Boca Juniors 4–2 in the final series. In the following season, the team was relegated to the TNA (Second Division) after president Juan José Muñoz decreased substantially the basketball budget, thereby causing the loss of its principal players. Nowadays, Gimnasia's first team of basketball plays in the TNA.