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The Magallanes Base Ball Club was established on October 26, 1917 in Caracas. The name Magallanes, referring both to Ferdinand Magellan (known as Fernando Magallanes in Spanish) and the Strait of Magellan, was chosen by the founding members in a polling to select the club name; other proposed names were Colón (honoring Christopher Columbus) and Diego de Losada, the founder of the city of Caracas. Antonio Benítez, one of the team's owners, proposed the name Magallanes in reference to the geographical location, suggesting that other teams would founder against them (as ships do in the difficult-to-navigate strait). The Magallanes Base Ball Club debuted the next year, 1918, in the National Baseball Championship. The club, however, would soon fold due to several problems including internal disputes.

It would be ten years until the next team under the name Magallanes debuted, refounded by Benítez, as an amateur club part of the new Venezuelan National League in 1927. During this period, it developed a fierce rivalry with the cross-town Royal Criollo club, which would later evolved into the modern rivalry between Magallanes and Leones del Caracas. In 1930, the team won its first first division title, thanks to the pitching of Pancho Coimbre and Balbino Inojosa. However, the club again folded before the 1933 season.

The Magallanes name was again revived in 1941 by Carlos Lavaud. The club signed Vidal López, who had won 12 games in Cuba, and Carlos Ascanio, who had been playing in Cuba, as well as Dalmiro Finol, José Pérez Colmenares, and Jesus "Chucho" Ramos. Magallanes won the 1943–44 tournament.

Magallanes was one of the four original clubs (along with Cerveceria, Vargas, and Venezuela) to form the Venezuelan Professional Baseball League on December 27, 1945.

In 1969, Magallanes were acquired by a group of businessmen based in Carabobo state and moved to the city of Valencia, which had recently lost its team, Industriales de Valencia, before the 1969–70 season.