Barry Ferguson was installed as caretaker manager on 21 January and remained in the role until the end of the season.

Incoming transfers during the pre-season period included Scottish central defender and later captain Gary MacKenzie, who signed from MK Dons on the eve of their opening friendly for an undisclosed fee.

An unattached Michael Chopra and fellow striker Steven Davies (£500,000 from Bristol City) also joined the ranks.

The following day, the eve of the season proper kick-off, Neal Bishop signed from Notts County on a five-month contract.

Outbound, on free transfers, went Ashley Eastham (Rochdale), Stephen Crainey (Wigan Athletic), Alex Baptiste (Bolton Wanderers), Kevin Phillips (to Ian Holloway's Crystal Palace), Neal Eardley (Birmingham City) and Tiago Gomes (released).

The World Group Stadium, home of Penrith, was the venue for Blackpool's opening pre-season friendly on 6 July.

A week later, they made the short trip up the Fylde Coast to take on Morecambe at the Globe Arena.

Premier League outfit Newcastle United were the visitors, and the Magpies returned to the North East with a 1–0 victory under their belt.

An unattached Ricardo Fuller joined Blackpool on a free transfer on 15 August, and the following day, Nathan Delfouneso, a loanee at the club last season, returned on a six-month loan.

Young right back Charles Dunne joined Blackpool from Wycombe Wanderers for an undisclosed fee on 23 August, the same day that Matt Phillips left for pastures new at Q.P.R.

Bradley Orr joined the squad on a five-month loan deal from Blackburn Rovers on 2 September.

After a two-week international break, Blackpool made it five wins from their opening six League games — their best-ever start to a campaign — with a 2–1 victory at Bournemouth, despite having Jack Robinson dismissed.

After an altercation in the Dean Court tunnel with an official, Paul Ince was given a five-match stadium ban and was fined £4,000.

After another international break, Blackpool mustered their first victory in five games when a Tom Ince penalty was enough to see off Wigan Athletic on 19 October.

Another Tom Ince penalty, coupled with a first goal for the club by Dan Gosling, helped Blackpool to a 2–2 draw.

Proving that they are Forest manager Billy Davies’ bogey team, Blackpool returned home with all three points thanks to Stephen Dobbie's last-minute strike.

A week later, Blackpool beat Sheffield Wednesday 2–0 at Bloomfield Road, with goals from Ricardo Fuller and Dan Gosling.

Blackpool travelled to Yeovil Town on 3 December and lost to a solitary goal, despite having three players (Ricardo Fuller, Kirk Broadfoot and Gary MacKenzie) sent off.

Club captain Barry Ferguson was installed as caretaker player-manager, and although he initially stated that he would not be taking to the field during his tenure in the role, he pulled on his boots for two games towards the end of the campaign.

"[Karl] was alright that transfer window, when he knew for them to go from the Championship to League One, the club were going to lose a fortune.

Andy Keogh, on loan from Ian Holloway's new club, Millwall, scored late in the game to give Blackpool a share of the points.

Bournemouth exacted revenge for their defeat at Dean Court in September with a single-goal victory at Bloomfield Road on 8 March.

Three days later, Barry Ferguson picked up his first win in charge — and Blackpool's first in eighteen games in all competitions — with a victory over Ian Holloway's Millwall.

Ricardo Fuller scored the goal, his sixth of the season, which put him one behind leading scorer Tom Ince.

Three days later, Greek striker Apostolos Vellios became Barry Ferguson's ninth signing when he joined on loan from Everton until the end of the season.

Out on loan, meanwhile, went James Caton (Chester), Nathan Eccleston (Coventry City) and Anderson Banvo (Stevenage).

They lost 2–1 at home to bottom-of-the-table Yeovil Town on 5 April, a result that saw them fall one place to 20th, six points clear of the relegation zone.

Millwall played Middlesbrough the following day, winning 2–1, a result that put Blackpool into the relegation zone for the first time.

"[1] – Barry Ferguson in September 2020Eight players either returned to their parent club or returned to the free-agent market upon the season's completion: Jack Robinson, Neal Bishop, Andy Halliday, Faris Haroun, Andy Keogh, David Goodwillie, Stephen Dobbie and Robert Earnshaw.