UA92 was co-founded by Lancaster University and members of the Class of '92, the Manchester United football players who won the 1992 FA Youth Cup, including Gary Neville, Ryan Giggs, Paul Scholes, Phil Neville and Nicky Butt. Following their successful careers after football, the players wanted to open a university which would attract students who “otherwise might not go on to higher education". The approval by the Department of Education to allow UA92 the use of 'University Academy 92' was questioned with critics claiming the decision to approve the use of the name makes it 'too easy' for new providers to use ‘university’ in a new institution's name.

UA92 works in partnership with industry to develop a curriculum inspired by business needs. Current partners include Microsoft, Trafford College, KPMG and Lancashire Cricket Club.

In January 2021, the university was accepted into the Office for Students register of higher education institutions following an inspection by the Quality Assurance Agency for Higher Education (QAA).