A third league title in the 1991–92 season, a second FA Charity Shield in the 1992 FA Charity Shield and a semi-final appearance in the UEFA Champions League in 2001, preceded a period of turbulence which culminated in relegation to League One in the 2006–07 season. They dropped out of the top two tiers of English football for the first time in their history, in a season that saw them deducted ten points for going into administration.
In the 1991-92 season, they won a third league title and a second FA Charity Shield. In 2001, they reached the semi-finals of the UEFA Champions League. However, this success was followed by a period of instability that culminated in relegation to League One in the 2006-07 season. This marked their first time dropping out of the top two tiers of English football due to being deducted ten points for entering administration.