With financial difficulties persisting the club finished towards the bottom of the table however the 1983 season will always be remembered at the club for the FAI Cup run of that year. Rovers made their way to the semi-finals by beating Shamrock Rovers and were drawn to face junior side Cobh Ramblers in what looked to be a straightforward tie. However it took a late equaliser for Rovers to force the first game to a replay and in that Cobh came from two down to force a second replay back at Flower Lodge which saw another draw. Rovers eventually came out on top in the third replay, despite going two down, to book their place in the final. The tie earned Cobh the respect of Rovers and the Irish footballing public. A week later, on 24 April, Rovers were facing Bohs in the cup final at a rain-soaked Dalymount Park. Bohs took the lead in the first half and it was looking like Rovers would lose their sixth cup final. However an equaliser from Tony Stenson brought Rovers back into it and a lob by local winger Harry McLoughlin won it for Rovers. The final result of 2–1 meant that club captain and long-serving local hero Tony Fagan could finally get his hands on the FAI Cup for the club 50 years after the club first entered it. Huge celebrations were had in Sligo following the victory. The following season Rovers were in the Cup Winners' Cup but lost to Finnish side FC Haka 1–0 and 3–0.