AC Oulu was founded in 2002 as a joint initiative of the OLS, OPS, OTP and Tervarit clubs with the aim of bringing top level football back to Oulu. (FC Oulu played in the Veikkausliiga in the early 90's as the most recent team from Oulu to play top tier Finnish football). After four seasons in the Ykkönen (First Division), the new flagship club, AC Oulu, reached the Veikkausliiga (Premier League) in 2007. However, they were relegated back to the Ykkönen at the end of their first season in the top division. After two seasons in the second tier AC Oulu won promotion again to the Veikkausliiga at the end of the 2009 season after finishing top of the Ykkönen. Having finished 11th in 2010 season the club were initially going to continue in the Veikkausliiga for the 2011 season. However they were denied a league licence for financial reasons and therefore dropped down to the Ykkönen.