following years, despite a number of noted head coaches such as Edmondo Fabbri, Cesare Maldini and Renzo Ulivieri, Ternana did not manage to return in the top flight, and instead were relegated to Serie C in 1980, despite a prestigious run in the 1979–80 Coppa Italia, where Ternana reached the semi-finals, being then eliminated 3–1 on aggregate by Roma. During the 1980s Ternana played between Serie C1 and Serie C2, before going bankrupt on 12 December 1987. Managed by an official liquidator, Ternana ended the season and escaped relegation. The club, bought in the summer of 1988 by a consortium headed by Gaspare Gambino, won promotion to Serie C in 1988–89 after winning the penalty shootout in a playoff against Chieti. Successively, Ternana won Serie C1 in 1992 and marked their return to Serie B. The promotion was, however, followed by financial troubles that prevented new signings. At the end of the season, which the team finished in the last position, Ternana went officially bankrupt. 1993–1998: From the refoundation to Serie B On the summer 1993 the club was refounded as Ternana Calcio and was being forced to begin again from Serie D. In their first Serie D campaign, Ternana missed promotion, ending in third place behind Teramo and local rivals Narnese. This was followed by another unsuccessful attempt, as Ternana lost promotion to Viterbese; despite this, the club was later readmitted to Serie C2 to fill a league vacancy (ripescaggio). In 1996–97 and 1997–98, with a new president and Luigi Delneri as head coach, Ternana won two consecutive promotions, thus returning to Serie B. 1998–present: From Serie B to Lega Pro Prima Divisione and back Ternana played Serie B from 1998 until 2006. In 2004 missed a promotion in Serie A finishing 4 points behind Fiorentina. In 2006 they were relegated to Serie C1 (since the season 2008–09 Lega Pro Prima Divisione). In the season 2010–11 the club was relegated to Lega Pro Seconda Divisione after losing the play-out, but it was later readmitted to Lega Pro Prima Divisione on 4 August 2011 to fill vacancies. In the following season 2011–12 it was promoted from Lega Pro Prima Divisione to Serie B. Back in Serie B, Ternana has avoided relegation as well as play-outs for 6 consecutive seasons. In June 2017, the ownership of the club passed to the Stefano Bandecchi (owner of the Università degli Studi Niccolò Cusano).