 After reaching the playoffs for three consecutive from 1995 to 1997, ÍR was relegated back to 1. deild karla after the 1997–1998 season.Not wanting to play in the second-tier, Eiríkur opted to sign with Reykjavík rivals KR prior to the 1998–1999 season.In July 1999, Eiríkur signed with Holbæk in the Danish Basketligaen.