The 1991–92 season was Port Vale's 80th season of football in the Football League, and third successive (35th overall) season in the Second Division. For only the third time in their history they competed in a division above rivals Stoke City. However it was not a happy campaign, John Rudge was forced to deal with star players Darren Beckford and Robbie Earle being sold for combined fees of £1.7 million. He spent just £375,000 to bring future-legend Martin Foyle to the club, whilst reliable goalkeeper Mark Grew was handed the club's Player of the Year award. Vale were relegated in bottom place, just five points short of safety. They exited the League Cup at the Third Round, despite a credible 2–2 draw with Liverpool at Anfield. Leaving the FA Cup at the Third Round, they were knocked out at the Second Round stage of the Full Members Cup.

The pre-season saw John Rudge sign aged striker Keith Houchen from Hibernian for £100,000. He also spent £300,000 on Hull City defender Peter Swan. This money was raised through the sale of top-scorer Darren Beckford to Norwich City for £925,000 after a Football League tribunal (Vale had wanted £1.5 million). As well as losing his star striker, Rudge had to deal with the departure of his midfield dynamo, Robbie Earle having been sold to Wimbledon for £775,000. To replace Beckford, Rudge signed Martin Foyle from Oxford United for a fee of £375,000. The transfers of both Beckford and Foyle were club-records.

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