Second Division, with the most notable event being a strong Scottish Cup run in season 2002–03, which saw them go to the quarter finals, where they were beaten 4–0 by SPL side Motherwell. However, the team's cup run did not reflect their league form, as they finished ninth in the Second Division, and thus were relegated to the Third Division for season 2003–04. The team's fortunes improved from there as, under Neil Watt, they won the Third Division at the first attempt, gaining promotion back to the Second Division. In season 2004–05, the team stayed in the top two for most of the campaign. A 1–1 draw with closest promotion rivals Morton on 30 April 2005 saw them gain promotion to the First Division for the third time, although they were relegated to the Second Division the following season after finishing ninth and losing out in the play-offs to Partick Thistle. The team had a largely unsuccessful campaign in 2006–07, with heavy defeats by relegation rivals Peterhead and Forfar Athletic. They finished ninth, which resulted in a play-off with Third Division promotion contenders East Fife. A 4–2 aggregate defeat (despite winning the second leg 1–0) saw them relegated to the Third Division. On 21 January 2009, club chairman Nigel Redhead stated that Stranraer owed £250,000, and had a 50–50 chance of survival to the end of the season. In response, on 22 January 2009, a small consortium launched the Friends of Stranraer F.C. to try to secure the club's future through donations from the football community at www.savestranraerfc.com. On 23 January 2009, as part of efforts to reduce costs to a manageable level, key player Gregory Tade transferred to Clyde. On 24 January 2009, Stirling Albion defeated Stranraer 8–2. Shortly after the game, Stranraer and team manager Derek Ferguson parted company by mutual consent and Keith Knox took over the reins. On 4 April 2009, after a 3–0 loss to Raith Rovers, Stranraer's relegation to Division Three was confirmed, meaning the club had played in a different division for each of their last eight seasons. On 23 July 2011, they lost 8–0 to Morton in a Ramsdens Challenge Cup game. A year later, they lost 8–0 at home again, this time in the Scottish League Cup against Livingston. The 2012 financial problems of Scottish Premier League side, Rangers, and the subsequent decision by SPL clubs to expel Rangers from the