Formed in 1948 as an attempt to revive the "Corinthian" ideals of amateurism from 19th century sport, the symbol Pegasus was chosen as containing elements from the logos of the football clubs of both Oxford University (a centaur) and Cambridge University (a falcon).
At first, members had to be current Oxford or Cambridge University players or to have left the previous year, but this rule was later relaxed. The club had great success in the 1950s, including wins at Wembley Stadium in the FA Amateur Cup in 1951, which finished 2-1 against Bishop Auckland, and 1953, which finished 6-0 against Harwich & Parkeston in front a full house of 100,000 spectators. On both occasions, the semi-final was played at Highbury and was drawn, so that a replay was necessary. In the 1951 semi-final, Pegasus's opponents, Hendon, were awarded a penalty in the last minute, but missed it, and Pegasus won the replay at Selhurst Park.
However, changes in university culture in the 1960s and defections to Corinthian-Casuals, as well as the Football Association's abolition of the distinction between amateur and professional clubs, undermined its ethos and the club folded in 1963.