Dundalk entered the 1994–95 season coming off a poor 1993–94, in which a general decline on and off the pitch reached a nadir – when they had missed out on the "Top Six" round-robin format that decided the title.

In front of a packed Oriel Park, Dundalk took a 2–0 lead, and Eddie van Boxtel saved an Eric Cantona penalty, before United ran out 4–2 winners.

[1] Manager Dermot Keely, a Jim McLaughlin protege who had won the Double in 1978–79 as a player at Oriel,[2] had to rebuild the squad due to its age profile, despite a worsening financial position.

[3] Early in the new season, however, the financial issues came to a head, and a number of local businessmen formed a new Interim Company to take the club over, saving it from bankruptcy.

They defeated Galway United at home, then, with players and supporters waiting on the pitch to hear the results of Shelbourne's and Derry City's matches, news filtered through that both had failed to win, confirming Dundalk as Champions - their third title in eight seasons.