In the late-1990s, Ilves suffered financial trouble and its professional team was reformed into Tampere United before the 1999 season. The initial plan was to join Ilves with TPV, but TPV decided to continue as its own team. As a result, Tampere United inherited Ilves' place in the second highest division, and Ilves continued to play in lower divisions, although they did not have a men's team from 1999 to 2000.
Ilves has since recovered and was promoted to Ykkönen for the 2013 season. Two years later, they got promoted to the highest league after MyPa lost their place.