Norwegian investor Atle Brynestad bought the club in 1999, in effect saving it from bankruptcy. In 2000, the team was promoted to the Premier League, after winning the First Division with an unprecedented number of points, and they retained their spot in the top flight the following year. In the 2002-season a strengthened Lyn took the lead early on and had gained a large advantage halfway through the season, but had to settle for a 3rd-place finish after a disastrous slump in form and the controversial appointment of new head coach, Hvroje Braovic. The misery, in part due to the constant hiring and firing of coaches, continued into the next year. Lyn struggled at the bottom of the table for most of the season but avoided relegation thanks to the efforts of team captain Tommy Berntsen, who took on the role as coach after Teitur Thordarson, the 5th coach in two years, had resigned. 2004 was a recovery year for Lyn, ending the season in 6th place and reaching the Norwegian Cup final (lost to Brann).