Preston had a memorable season in 1963–64 when, managed by former player Jimmy Milne, they reached the 1964 FA Cup Final and finished third in the Second Division. They were first relegated to the Third Division after the 1969–70 season. Although they won promotion again immediately, the team have spent 28 of the 49 seasons since 1970 in the bottom two divisions, including a span of nineteen seasons from 1981–82 to 1999–2000. The club experienced a near-terminal decline in the 1980s which brought about the very real threat of closure, the nadir being the 1985–86 season when they finished 23rd in the Fourth Division and had to seek re-election to the league. They recovered and won promotion back to the Third Division only a year later but it was a false dawn as the team spent another three years in the bottom division from 1993 to 1996. The club finally began to recover and move forward after a takeover by BAXI in 1994 but their ownership ended in June 2002. The team was established at second tier level through the 2000s but more problems arose at the end of the decade with an Inland Revenue winding-up order in 2010 and relegation to the third tier in 2011. The taxation issue was resolved by local businessman Trevor Hemmings, already a shareholder, who bought a controlling interest in June 2010. The team were promoted again in 2015 and have been well-placed in the EFL Championship since then.