Despite the addition of Craig Short for £2.5m from Notts County – a record for a team outside of the top flight and for a defender at any level – the club could only an 8th-placed finish in the 1992–93 Division One table, largely as a result of taking three points from their opening 7 fixtures, missing out on the playoffs altogether. Whilst the club did manage a trip to Wembley for the first time in nearly 20 years – reaching the final of the Anglo-Italian Cup, where they lost 1–3 to Cremonese – and recorded a club record 7 consecutive away league wins, starting with a 3–1 win at Cambridge United on 3 October 1992 and ending with a 2–1 defeat at Brentford on Boxing Day, 1992, the season was seen as something of a disappointment considering the amount of money spent and the players available to the club.

The Anglo Italian cup run, coupled with extended interest in the Coca Cola Cup (where they took Arsenal to a third round replay) and reaching the FA Cup Quarter-finals for the first time in 9 years, taking Sheffield Wednesday to a replay after a 3–3 draw at The Baseball Ground; a match named by the Daily Mail online as the 28th greatest in the competition's history, meant the cup took part in 64 matches between 15 August 1992 and 8 May 1993, a new club record with Paul Kitson taking part in 61 of them and finishing the season as leading scorer, with 24 goals in all competitions.

NB In the Football League goals scored (F) takes precedence over goal difference

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