On 11 August, former Football Association chief executive and ex-Tranmere Rovers player Mark Palios and his wife Nicola took a controlling interest in the club from outgoing chairman Peter Johnson.

On 27 May 2014, Rob Edwards was appointed as the new manager replacing Ronnie Moore, who was suspended in the middle of February 2014 for breaching FA rules.

Assistant manager Alan Rogers took charge, but on 25 April Tranmere was defeated at Plymouth Argyle which confirmed Rovers' relegation to the National League one round prior to the end of the season.

[2] On 6 May, 42-year old Jamaican international Ian Goodison ended his ten-year stay at Prenton Park in which he made 410 appearances and won the Player of the Season accolade three times.

[5] Despite that, on 19 May Lowe, whose request to sign a longer contract was refused by the club, was transferred to division rivals Bury for an undisclosed fee.

A ninety-fourth minute James Rowe goal earned Rovers a draw after Keith Lowe opened the scoring in the middle of the second half.

Six players earned their first competitive caps for Rovers, while ex-Tranmere goalkeeper Jason Mooney took his place in York's starting line-up.

[13] On 11 August, former Football Association chief executive and ex-Tranmere Rovers player Mark Palios and his wife Nicola took a controlling interest in the club from outgoing chairman Peter Johnson.

[14][15] This ended Johnson's 27-year spell as an owner, which counts the most successful period in the club's history due to three consecutive First Division play-off finishes in the early 90s and the 2000 Football League Cup Final.

The next day assistant manager John McMahon left the club by mutual agreement as Rob Edwards wanted to make a change in his coaching department.

[17] On 12 August, Tranmere were knocked out of the League Cup after a home defeat to the Championship side Nottingham Forest through a single first half goal.

On 18 August, Edwards added to the squad with the first loan signing of the season, bringing young Saint Lucian defender Janoi Donacien over from Aston Villa until January 2015.

[21] On the final day of the summer transfer window, Tranmere Rovers signed Slovakian goalkeeper Peter Brezovan and bought ex-Rochdale striker George Donnelly for an undisclosed fee.

[22] Also, defender Hill signed a permanent deal after a successful contribution on a non-contract basis,[23] though shortly after he suffered an Achilles tendon injury that ruled him out for six months.

Ahead of the game, a bronze statue of Tranmere Rovers' most successful manager Johnny King was unveiled outside Prenton Park near the entrance to the Main Stand.

After narrow defeats against Luton Town and Southend United, Tranmere finally achieved their first league victory under Micky Adams on 29 November against Portsmouth.

The win was clouded by the serious injury of young loanee Will Aimson, who fractured both his tibia and fibula in a collision with teammate Danny Holmes.

[34] On 6 December, Tranmere earned an FA Cup second-round home replay after a draw at Oxford United thanks to a late Jason Koumas goal.

Rovers were one shot off the victory during the penalties but Liam Ridehalgh and Marc Laird misses cost Tranmere a place in Northern section final.

The unbeaten run finally came to end with an away defeat to promotion contenders Burton Albion after Liam Ridehalgh was sent off following a foul in the penalty box in the middle of the first half.

[37] At the same time, Adams announced five players as transfer listed – Antonie Boland, Eliot Richards, James Rowe, Abdulai Bell-Baggie and George Donnelly.

On-loan striker Rory Donnelly was nominated and then named Football League Two Player of the Month after scoring three goals in January.

On 21 February Tranmere unexpectedly beat league leaders Shrewsbury Town 2–1 at Prenton Park as Donnelly scored his fifth goal for Rovers.