Under manager John McGrath, the team recovered and won promotion back to the Third Division only a year later but it was a false dawn as the team spent another three years in the bottom division from 1993 to 1996. The club finally began to recover and move forward after a takeover by heating manufacturer Baxi in 1994 but their ownership ended in June 2002. The team's central defender David Moyes, then aged 34, began his managerial career when appointed by the Baxi-controlled board in February 1998. Moyes was successful and managed the team to the third tier championship in 2000. Preston reached the 2001 play-off final but were defeated by Bolton Wanderers. In the 2005 play-off final, under Moyes' successor Billy Davies, Preston were beaten 1–0 by West Ham United.