survival—a "healthy" surplus in 1989, had become a serious deficit, with income falling due to some of the lowest gate receipts in memory. The 1993–94 season started with mixed results, with good away victories being followed by defeats at home and, after a home defeat to Monaghan United, O'Connor resigned. He was replaced by another former player, Dermot Keely. The older players were released, and a thin squad struggled—missing out on the 'Top Six' round-robin that decided the title. They played out the final third of the season in a meaningless 'bottom six' round-robin in front of tiny crowds, which contributed to the worsening financial position. Early the following season the financial issues came to a head, and a number of local businessmen formed a new interim company to take the club over, saving it from bankruptcy. Despite the financial problems, and with a squad still lacking in depth, Keely led his team to the club's ninth league title on a dramatic final day. Starting the day in third place in the table, they needed to win their match at home and for both Shelbourne and Derry City to fail to win their games. They defeated Galway United and news eventually filtered through that both of their challengers had failed to win, confirming Dundalk as Champions. Decline and upheaval (1995–2012) The 1994–95 title did not halt the overall decline, and Keely did not see out the title defence, quitting midway through the 1995–96 season—reportedly frustrated at being unable to strengthen his squad. Dundalk sank down the table and had to survive a promotion/relegation play-off in 1996–97. The board turned to Jim McLaughlin to try to turn things around, but early in the 1998–99 season it was revealed that the club was in serious financial trouble again and the whole squad had been transfer listed. An end of season collapse saw the club drop from the top-tier for the first time, with relegation confirmed 20-years to the day after they had won their first Double. Plans for a supporters' co-op to take the club over led to some optimism, and initial expectations were of an immediate return to the top-flight. But Dundalk became embroiled in a losing battle with the league's hierarchy and Kilkenny City, which reached the High Court, over the latter playing an improperly registered player. The following season the co-op invested heavily in the playing squad and, under