The season started with a lot of promise but quickly deteriorated into a relegation battle. Manager Ossie Ardiles struggled to add to his squad of talented youngsters due to lack of funds, the truth being the club was severely in debt. At one point it had looked like Newcastle would be relegated and could go out of business.

Sir John Hall had all but taken control of the club, and replaced Ardiles with Kevin Keegan on 5 February 1992. An improvement in form helped Newcastle to narrowly avoid relegation from the Second Division, with their survival only confirmed on the last day of the season. They finished 20th, two places above the relegation zone – their lowest League finish ever.

In a season that saw a change of manager the club saw three different chairmen, original chairman Gordon McKeag under pressure from the Magpie Group consortium stepped down to be replaced by board member George Forbes before the head of the Magpie Group since the late 1980s, Sir John Hall, replaced Forbes as chairman.

If relegated to the third tier of English football, it would be for the first time in Newcastle United's history. The newly installed chairman changed the team's manager to Kevin Keegan, a former Newcastle player, who led the team to safety in the last few weeks of the season.

Hall presided over a period of boardroom calm at the club, debts were restructured and the funds were made available for team strengthening. When Kevin Keegan returned to Tyneside to replace Ardiles as manager on a short term contract on 5 February 1992, taking what he claimed to be the only job that could tempt him back into football, United were struggling at the wrong end of the old Second Division.

Just as in the 1980s, Keegan's mere presence captivated the region. United's disgruntled supporters became excited, expectant ones over-night. St James' Park was regularly packed to capacity once again and United confirmed their Second Division survival with a 2-1 win at Leicester on the last day of the season. Even this win relied on a last-minute own goal.

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Wikipedia