Without a rink of their own, and struggling in the shadow of local greats Sparta Sarpsborg and Stjernen the club found it hard to get a breakthrough.

Helped on by Swedish businessman Siwert Hjalmarsson the club again found its feet, and started to climb in the standings.

In the spring of 2004 Comet had their greatest day so far, when, after beating Hasle/Løren in the final qualifying game, secured promotion to the top league.

Comet reached the semi-finals for the first time after upsetting derby rivals Sparta in seven games of the quarter-finals.

(4-2 in games) In October 2009, the club went bankrupt after a long period of financial troubles.