The club, however, folded in due to financial difficulties, being refounded in 1929 as Unione Fascista Ternana (a denomination that was common during the Italian fascist regime).

Folding again in 1933, the club returned to footballing action in 1935 under the name Polisportiva Mario Umberto Borzacchini, after a racing car driver and a native of Terni who had died at the 1933 Monza Grand Prix.

However, the club did not prove to be ready for Serie A, as they were promptly relegated in their debut appearance in the top flight, managing only three wins in 30 matches.

In the following years, despite a number of noted head coaches such as Edmondo Fabbri, Cesare Maldini and Renzo Ulivieri, Ternana did not manage to return in the top flight, and instead were relegated to Serie C in 1980, despite a prestigious run in the 1979–80 Coppa Italia, where Ternana reached the semi-finals, being then eliminated 3–1 on aggregate by Roma.

The club, bought in the summer of 1988 by a consortium headed by Gaspare Gambino, won promotion to Serie C in 1988–89 after winning the penalty shootout in a playoff against Chieti.

This was followed by another unsuccessful attempt, as Ternana lost promotion to Viterbese; despite this, the club was later readmitted to Serie C2 to fill a league vacancy (ripescaggio).

In June 2017, the ownership of the club passed to the Stefano Bandecchi[citation needed] (owner of the Università degli Studi Niccolò Cusano).

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