The 2001–02 season was Manchester United's tenth season in the Premier League and their 27th consecutive season in the top division of English football. The second full season of the new millennium was rather dismal for the Red Devils in comparison to the previous three years. The club finished in third place in the Premier League, their lowest finish in the history of the Premier League, and they were knocked out of the FA Cup in the fourth round. League Cup success was not expected, and the club duly obliged by playing what was effectively a reserve team against a strong Arsenal side in the third round. United's best success in the 2001–02 season came in the UEFA Champions League, in which they reached the semi-finals before being knocked out by Bayer Leverkusen on away goals. Ultimately, United's failure to win anything boiled down a dismal run of form in November and early December when they suffered five defeats in seven league games, including three defeats in a row against Arsenal, Chelsea and West Ham United in December. They also lost six home games in the Premier League, their worst home record since the 1977–78 season. They only lost three more league games all season, but that terrible form earlier in the campaign counted against United for the rest of the campaign and they finished 10 points behind champions Arsenal (who sealed their crown by beating United 1–0 at Old Trafford in the penultimate game of the season) and three points behind runners-up Liverpool.

Before the season began, Sir Alex Ferguson had announced his intention to retire from football at the end of the season, and the club began the process of trying to find a successor for the most successful manager in their history. However, Fergie went back on his decision to retire, many people citing his failure to win the Champions League in his home town of Glasgow as the reason for this reversal.

Assistant manager Steve McClaren left the club before the start of the season to become the manager of Middlesbrough. Youth team coach and former player Mike Phelan was promoted to first-team coach and took over some of the assistant manager's responsibilities, but McClaren was not replaced until the summer of 2002, when Carlos Queiroz was appointed the new assistant manager.

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