In 1991, just after Maxwell sold the club to new owner Brian Fearn, Derby County were relegated and had to sell several key players including Saunders and Wright (who both joined Liverpool).

Short, for instance, joined Derby in September 1992 from under the noses of Blackburn Rovers, who were competing in the top flight and had just set a national transfer record fee by signing Alan Shearer.

However, new owner Pickering had given Cox the money to buy key players such as Johnson, Gabbiadini and Short, which saw Derby begin the 1992–93 season as most people's firm favourites for the new Division One title.

However, they could only manage an eighth-place finish – not even enough for the playoffs – and Cox resigned the following October due to "ill health", handing over the reins to his assistant Roy McFarland.

He was never employed as a manager again, although he was linked with managerial vacancies more than once after leaving Derby – including the Middlesbrough job in May 1994 -[2] and he would remain in football in coaching capacities until 2004.