In 2005, after reportedly losing £4 million in operating costs, Kennedy handed ownership of the club to the Stockport County Supporters' Co-operative. Former County player Jim Gannon was appointed manager, initially as caretaker manager. He led the club to safety in 2005–06, and sustained a promotion challenge the next season but eventually missed out on the League Two play-offs on goal difference. The team continued their success during the 2007–08 season and reached the play-offs in which they faced Rochdale in the Final at Wembley. Stockport came from behind to win the game and earn promotion to League One.