After a play-off lost on penalties in the 1997–98 season to Perugia, Torino returned to Serie A in 1998–99, but were once again relegated at the end of the 1999–2000 season. The club was immediately promoted back in the 2000–01 season, and the following year finished in 11th place, and qualified for the Intertoto Cup. After being eliminated by Villarreal on penalties, Torino suffered its worst performance in Serie A, and were relegated after finishing in last place. Under Renato Zaccarelli, Torino achieved promotion in the 2004–05 season. However, due to heavy debts accumulated under the president Francesco Cimminelli, Torino were denied entry into Serie A and the club's bankruptcy was announced on 9 August 2005. On 16 August, the FIGC accepted the proposal of a new professional entity known as "Società Civile Campo Torino", formed by a group of businessmen and led by lawyer Pierluigi Marengo. The club was granted admission to the Petrucci Law, which guaranteed registration to Serie B, as well as all of the sporting titles of "Torino Calcio." On 19 August, Urbano Cairo was officially announced as the new president of the club at the bar Norman (once known as Voigt brewery). With the sale, the club changed its name to "Torino Football Club".