Oxford's dismal season was mainly down to £10 million debts which were putting the club in real danger of closure, and had also resulted in the suspension of construction of their new stadium near the Blackbird Leys estate.
Kevin Keegan completed his spell as Fulham manager before taking the England job by guiding the Cottagers to the Second Division championship with a staggering 101 points.
The referee then allowed 4 minutes of stoppage time and with just seconds to go, goalkeeper Jimmy Glass came upfield and scored from a rebounded corner to preserve his club's place in the league which had been held since 1928.
In the playoffs, Watford won at Wembley for the first time in their history, beating Bolton Wanderers 2-0 to secure a second successive promotion and end their 11-year absence from the top flight.
Bristol City's return to Division One ended in relegation after just one season as they finished bottom of the table, joined on the final day by Oxford United and Bury.
A frustrating first few months of the season mounted the pressure on manager Joe Royle, but the Maine Road board kept faith in him and rewarded by an upturn in form which saw them finish third in the final table.
After overcoming another Greater Manchester club, Wigan Athletic, in the playoff semi-finals, City took on Gillingham in the Wembley final but looked to have surrendered promotion to the Kent side who were still 2-0 up with 90 minutes on the clock.
Oldham Athletic had a lucky escape from relegation in their first season under player-manager Andy Ritchie, with the man whose goals had helped them reach the top flight eight years earlier was faced with the challenge of keeping them out of the league's fourth tier.
They went into their final game of the season needing to beat Plymouth Argyle at Brunton Park to stay in the Football League, but the score was still 1-1 with 90 minutes showing on the clock.