Corinthians won the Gold Cup for the first time in the club's history, having previously lost three times in the final, on 30 December 2001 by beating Colby 2–0 at the Bowl stadium in Douglas. They were also Manx FA Cup finalists, losing 1–0 to St Marys in the final and were promoted straight back up to the First Division, this time as runners-up to Colby. The club's stay in the top flight this time lasted two seasons, before being relegated yet again in 2003–04. In October 2004 they were presented with the Football Association Charter Standard Community Club award by Trevor Brooking at the Isle of Man Football Association headquarters in Douglas.