Lofoten did their job by beating Sogndal 2–0, and in the match between Byåsen and Skjetten the score was 1–1 after 90 minutes.

Lofoten won their 2. divisjon group, but lost the play-off matches for promotion against Mandalskameratene.

Due to the poor economy the club lost several of its most important players, and as a consequence Lofoten was relegated to the 3. divisjon in 2005.

In the 2007 Norwegian Football Cup, Lofoten won the qualifying matches against Grovfjord, and was drawn against the 2.

Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.