The team was formed from two existing entities. Giampaolo Pavanello's Euroracing had built a solid reputation in junior formulae and had run the factory-backed Alfa Romeo Formula One team from 1982 to 1985. Walter Brun was a former touring car driver who owned and managed Brun Motorsport, a prominent sports car racing operation. The two pooled their respective strengths for a shared Formula One venture, with the team competing under an Italian licence despite its Swiss financial foundation.
For their debut in 1988, Mario Tolentino designed the ER188 chassis, powered by a naturally aspirated 3.5-litre Cosworth DFZ engine. Stefano Modena, the reigning Formula 3000 champion, and Oscar Larrauri, a long-serving driver in Brun's sports car programme, were signed to drive. The season began reasonably but quickly deteriorated as sponsorship money dried up. Internal tension surfaced when Brun attempted unsuccessfully to replace the Argentine Larrauri with Christian Danner. Larrauri had acquired an unwanted reputation among rival drivers as a slow qualifier and a hazard in traffic, failing to qualify seven times across the season. Modena missed qualifying four times and was excluded from two more races for technical infringements. The team's best result of the year was Modena's eleventh place at the Hungarian Grand Prix.
Ahead of 1989, Euroracing reduced its involvement to a nominal level, contributing only a handful of engineers and mechanics. EuroBrun scaled back to a single car, the only team in that year's championship to do so, entrusting the drive to Swiss driver Gregor Foitek. The ER188 was modified to accept a Judd V8 engine and Pirelli tyres. The campaign was a disaster: the team cleared pre-qualifying only once, at the opening race in Brazil, and even then Foitek failed to qualify for the race proper. A new car, the ER189 designed by George Ryton, was introduced for the German Grand Prix but brought no improvement. Foitek quit after the Belgian Grand Prix and was replaced by Larrauri, who was no more successful.
Despite failing to start a single race in 1989, EuroBrun returned in 1990 with two cars. Euroracing had by now left the partnership entirely. The team ran an upgraded ER189B, with Brazilian Roberto Moreno leading the effort and Italian Claudio Langes in the second car. Langes never cleared pre-qualifying once across the entire season. A peculiar qualifying session at the opening United States Grand Prix saw Moreno start sixteenth on the grid, and he eventually finished thirteenth — the team's only race start of any note that year. Moreno qualified again at San Marino and came close on other occasions, but as Brun's enthusiasm waned, the cars fell further from the qualifying threshold.
After 14 rounds the team withdrew from the championship. In a later account, Moreno claimed that EuroBrun had deliberately avoided qualifying for some races to prevent spending money on the extra tyres and engine rebuilds that race participation would have required, and that he was given race-worn tyres for qualifying sessions while engines went as many as four events without rebuilds.
EuroBrun's record in Formula One — 21 starts from 76 entries across three seasons — places it among the least effective constructors of its period. The combination of inadequate funding, the competitive demands of the naturally aspirated era, and the unforgiving pre-qualifying threshold proved insurmountable. Moreno's solitary top-fifteen finishes in 1990 represented the ceiling of what the team could achieve given its resources.