1946: The team of "ILSA Timisoara", Romania

The 1946 team of ILSA Timisoara, Romania: left to right: Freund, Pullok, Retscher, Balint, Adalbert Stanescu, Somlo, Emerick Baader, Bohunitzki, Kurthy. The ILSA initials stand for "Industria Linii, Societate pe Actiuni", the nationally-known textile factory founded in Timisoara in the first decade of the 20th century. Known as "Gyapjúipar" and "Wollindustrie" to Hungarian and German speakers, "ILSA" was one of the city's largest employers, with a reputation for caring for the well-being of its workers. The Water Polo team's first participation in the National Championship appears to have taken place in 1933.
Source: http://www.ilsa-timisoara.net/