The team was founded by Paul Jackson, Gavin Bickerton-Jones, and Richard Selwin, former members of the Petrobras Junior Team, in preparation for the inaugural GP2 season in 2005. Entering with drivers Scott Speed and Can Artam, iSport demonstrated immediate pace, with Speed finishing third in the inaugural drivers' championship despite neither driver taking a race win. The team placed fourth in the teams' standings in that first campaign.
For 2006, iSport signed Ernesto Viso and Tristan Gommendy, with Timo Glock joining mid-season to replace Gommendy. Viso secured the team's first two race victories, and Glock added two further wins after his arrival despite only contesting half the season. iSport climbed to third in the teams' championship.
The 2007 season represented the team's peak. Glock was retained and joined by Andreas Zuber. Glock was outstanding, winning five races and defeating Lucas di Grassi in a season-long championship battle to take the GP2 drivers' title. Zuber contributed a further victory, and iSport claimed its first teams' championship alongside Glock's drivers' crown. It was an emphatic double that cemented the team's reputation as one of GP2's leading outfits.
In 2008, iSport moved into the newly created GP2 Asia Series alongside its main series programme, signing Bruno Senna and Karun Chandhok for both campaigns. Senna proved particularly impressive in the main series, finishing runner-up to champion Giorgio Pantano with two victories. Chandhok added a win of his own and finished tenth overall. In the teams' standings, iSport ran champion Barwa International Campos Team closely to claim second place.
The Asia Series became a new avenue for success. After a modest 2008–09 campaign, iSport ran Davide Valsecchi and Oliver Turvey in the 2009–10 Asia Series. Valsecchi won three races and claimed the Asia Series drivers' championship, while Turvey finished sixth; together they gave iSport its first Asia Series teams' title. In the 2010 main series, however, neither driver was able to replicate that form consistently, with both finishing in the lower half of the top ten despite Valsecchi's race win at Yas Marina.
The final years saw a gradual decline. Sam Bird and Marcus Ericsson drove for the team in 2011, with neither winning a race; Bird finished sixth in the standings, with iSport fourth in the teams' championship. In 2012, Ericsson was joined by Jolyon Palmer, who had moved across from Arden. Both drivers took a race victory each, but iSport slipped to sixth in the teams' championship, signalling a team losing ground to its rivals.
Ahead of the 2013 season, iSport withdrew from the GP2 Series following severe financial difficulties. The team's GP2 contract was acquired by Russian Time, which entered as effectively the series continuation of the iSport operation for 2013. iSport itself returned to motorsport in 2014 in a supporting capacity, running a GP2 team for Russian Time that season.
Team principal Paul Jackson had long expressed ambitions to enter Formula One, contingent on the sport establishing a budget cap that would make the project viable. "For many years I've said if the conditions were right and the numbers made sense, then we'd enter F1," Jackson stated. When the FIA's budget-cap plans ultimately failed to materialise in the form originally envisaged, those F1 ambitions were quietly shelved, and iSport's closure brought the prospect to a definitive end.
iSport International operated at the highest level of the GP2 feeder formula for eight seasons, contributing meaningfully to the careers of drivers who went on to Formula One. Timo Glock, who scored his championship title with the team, later raced in F1 with Toyota. Bruno Senna, Karun Chandhok, Marcus Ericsson, and Jolyon Palmer all advanced to the pinnacle of motorsport after stints at iSport. The team's 2007 double championship remains its defining achievement, placing it among the most successful outfits in the short history of the GP2 Series.