Mitko Sabev Era, 2006-present
In the summer of 2005, the club was restored by the mayor of Burgas. Despite the protests of the former owner Ivaylo Drazhev, the new club was named OFC Chernomorets 919 and was named as a successor of the former FC Chernomorets. At the same time, Drazhev formed another club in the capital Sofia under the name PFC Chernomorets Burgas Sofia which only lasted one season and reached many anti-records.
After a one season stay in the amateur division, the club easily won the Bulgarian South-East V AFG with Dian Petkov as a head coach, finishing in the 1st place. In June, 2006, OFC Chernomorets 919 won the Bulgarian Amateur Cup. In the final at the Vasil Levski National Stadium, Chernomorets won with 4-0 against FC Benkovski Kostinbrod.
The same summer, Mitko Sabev, a famous Bulgarian oil magnate and owner of the rival football club in the city Naftex Burgas, bought the club from the municipality and renamed it to PSFC Chernomorets Burgas. (the club is registered in the Bulgarian Football Union as PFC Chernomorets Burgas and is known by that name to the people.) The football club was used as a reserve team for Naftex Burgas. And the owner appointed for manager the famous Bulgarian manager Dimitar Dimitrov.
In 2007, the Sharks won the East B PFG and were promoted to the A PFG. The next season Chernomorets finished 6th and qualified for the Intertoto Cup. In the second round, the Sharks defeated ND Gorica from Slovenia with 3-1 on aggregate to set up a third round clash with Swiss Grasshopper Zurich, but were eliminated with a 0-4 on aggregate.
In December, 2008, Chernomorets's owner appointed for manager of the football club the notable Bulgarian player Krassimir Balakov, after being sacked from FC St. Gallen. At the end of that season, Mitko Sabev dissolved Naftex Burgas and bought PFC Chernomorets Pomorie from Pomorie, making the new club from the nearby town a reserve team for the main football club.
On January 14, 2010, Chernomorets Burgas was named as the most progressive club in 2009 in Bulgaria. In July 2010, after differences between the owners of Petrol AD the clubs budget has been severely reduced and many employees from the staff has been released. However on 6 December 2010, Krassimir Balakov was released from Chernomorets Burgas after mutual consent. Second half of the 2010-11 A PFG season is a nightmare for Chernomorets Burgas and the collapses in eighth place by change two more coaches Anton Velkov and Georgi Vasilev.
On 30 May 2011, Mitko Sabev has appointed for manager for second time Dimitar Dimitrov - Hero. He founded very quality players for free like Jugurtha Hamroun, Lourival Assis, Aatif Chahechouche and Yannick Boli and Chernomorets Burgas doing his best season in club history in Bulgarian A PFG - 4th place with real chances for Europa League. However little was not enough and the club doesn't qualify.