FC Magna Wiener Neustadt obtained the right to play in the First League due to the collapse of SC Schwanenstadt caused by financial problems. SC Schwanenstadt's playing licence was taken over by Magna, who took their place in the First League. On 19 May, Austrian-Canadian business man Frank Stronach, the founder of Magna International, was elected president of the club.
In late 2008 1. Wiener Neustädter SC decided to merge with FC Magna. In order to acknowledge the past of 1. SC, FC Magna was renamed SC Magna Wiener Neustadt, effective from 1 July 2009. In 2010 Magna decided to cooperate with SK Sturm Graz.