After the demise of the national competition, the NSL, the Wolves moved into the NSW Premier League in the 2004–05 season. In 2007, Wollongong Wolves changed its name to Wollongong FC and won the Waratah Cup. The club secured a grand final win in the 2008 season. However, the win didn't prevent a financial crisis later in the year. The club had shown many financial losses including A$240,000 in debts and losses of players and coaches. It was later announced that the club would cease to exist and a new community organisation would be formed to ensure money problems would not plague the club in the future. The club was re-branded as Wollongong Community FC, a not for profit organisation, run and owned by the community.