The mixed results continued, and Brøndby finished the season in fifth place in the league table, missing out on European play-offs by a margin of seven points.

One key player after another had left (Jesper Lindstrøm to Eintracht Frankfurt in July 2021, Morten Frendrup to Genoa and Mikael Uhre to Philadelphia Union in January 2022), and the cohesive unit that had won the club's first championship in 16 years had transformed into a significantly different and more fragile entity by the start of the 2022–23 season.

This included an early exit from the UEFA Europa Conference League: after comfortably defeating Polish side Pogoń Szczecin 5–1 on aggregate, they were eliminated on penalties by Basel in the third qualification round.

[11] Shortly before the transfer window closed, Brøndby also signed Ohi Omoijuanfo, a renowned target forward and prolific goal-scorer, from Red Star Belgrade.

[13] Brøndby also welcomed Nicolai Vallys from Silkeborg to their squad, a player known for his ability to operate between the opponent's lines, using his exceptional vision to both create assists and score goals.

[15][16][17] One of the key challenges for Brøndby was in their build-up play, as they struggled to find a player capable of efficiently transitioning the ball from defense to attack.

Frederiksen primarily relied on Josip Radošević in that role, but his strengths didn't align with moving the ball forward and executing short passing.

[22] Due to Brøndby's poor performance in the first half of the season, head coach Niels Frederiksen was dismissed on 14 November, the day following the final game before the winter break, a 2–0 loss to Viborg.

Amidst rumors of chairman and top shareholder Jan Bech Andersen's potential sale to the American investment company Global Football Holdings (GFH), who already owned shares in other clubs including Beveren, FC Augsburg, Estoril, ADO Den Haag and Real Salt Lake, a press conference was scheduled for 28 October.

[27][28] Protest movements emerged in response to the takeover, easily identifiable by their distinctive orange attire, in contrast to Brøndby's traditional yellow and blue colours.

[30][31] Anti-ownership chants became a common occurrence, and the club's amateur branch, competing in the lower tiers of Danish football, experienced a surge in popularity, with many ultras shifting their support to these games.

'The Fan Department'), represented by its chairman, Lars B. Petersen, and one of the new owners, Scott Krase, worked together to draft a legally binding "value agreement."

[35] In January 2023, the club made three signings: Håkon Evjen from AZ and Rasmus Lauritsen from Dinamo Zagreb on permanent deals, as well as bringing in Frederik Winther from FC Augsburg on a short-term loan.

Brøndby only managed to secure a spot in the championship round on the final matchday of the regular season due to Midtjylland and Silkeborg's draw.