In the late sixties and early seventies the area between Dundrum and Sandyford was developed and in 1977 a new parish was formed and named after the largest new housing estate, Balally. One of the residents in Balally, Mick Brown an able hurler who had given outstanding service to the Naomh Fionbarra Club in Cabra, recognised the need for a G.A.A. Club to cater for the growing young population.
In July 1981 he called a meeting to which he invited ten people and so a new unit of the association was born. One of the schools in Balally had already been appropriately named St. Olafs because of its location in Balally which in old reference books is called Baile Mhic Amhlaoibh ( the town of the son of Olaf ). This Olaf is identified as Sitric Mac Amhlaoibh, Norse King of Dublin, who founded Christ Church Cathedral in the 11th century. Claret and blue were chosen as the official club colours.
The first A.G.M. was held in Queen of Angels School Hall on the 26th of November 1981. Thirty two people attended and the following committee was elected. President: Rev. Brother Philbert, Chairman: Mick Brown, Vice Chairman: Bill O` Brien Secretary: Frank Gaynor, Treasurer: Flan McCarthy, Registrar: Matt Bermingham, P.R.O.: Finbar Brogan. Committee: Brendan McGlynn, John Brady, Frank Harty, Dolores Buggy and Kevin O`Malley. Others deeply involved in the Club during the formative years were Ven Naughton, Jack Horgan, Pat McGuire, Mick Waters, Liam Kavanagh and Sean Mac Giolla Fhearga.