In October 2007, the club announced that a deal had been struck with property developers to sell land at the rear of the ground and use this to clear all debts. On 13 May 2008, it was announced that Bangor had secured a place in the new 12-team IFA Premiership for the 2008/09, season despite only having finished third in the IFA Intermediate League First Division in 2007/08.
