Newcastle, after back-to-back away wins at Arsenal and Leeds during the Christmas period, confirmed themselves as genuine title challengers and led the league at the turn of the year.
On the final day of the season Liverpool confirmed second place, and in doing so, gaining automatic qualification to the group stage of the UEFA Champions League, by thrashing Ipswich Town 5–0 at Anfield.
Newcastle joined Manchester United in those Champions League qualifying rounds by finishing in fourth, whilst a poor run of results at the beginning of the year saw Leeds United's title and Champions League hopes crumble, they were to finish five points adrift of Newcastle in fifth, and would be joined in the UEFA Cup by Chelsea, whose inconsistent form also put pay to their top four aspirations.
For the first time in the history of the Premier League, all three promoted teams avoided relegation – Fulham, Bolton Wanderers and Blackburn Rovers.
He even boasted that they would win the Premiership title in 2001–02, and most pundits tipped Fulham, managed by former French international Jean Tigana, to push for a place in Europe.
Bolton Wanderers went top of the Premiership after winning their first three fixtures of the season, causing an upset by beating Gérard Houllier's Liverpool in the latter stage of the game.
Under Bassett, the Foxes briefly climbed out of the relegation zone but a 16-match winless streak including six straight defeats between late January and the beginning of March ultimately sealed their fate.
After relegation was confirmed at the beginning of April, Bassett joined the club's board to be replaced by former assistant manager Micky Adams.
In his place came John Gregory, less than a week after he had resigned from Aston Villa but despite his best efforts, he was unable to prevent their relegation, which was confirmed with two games to spare following a 2–0 loss away at Liverpool.
The promoted teams were Fulham, Blackburn Rovers and Bolton Wanderers, returning after a top flight absence of thirty-three, two and three years respectively.