In the first ever campaign of the Premier League (1992-93), Oldham Athletic earned 49 points from 42 fixtures to stay up by the smallest of margins. With 3 matches remaining, the Latics had attained 40 points and looked doomed, lying second from bottom in the table. For the club to survive relegation, three wins from their final three matches were required, and the Latics had to bank on Crystal Palace gaining no more than one point from their final two matches. Oldham's first game of the final trio was away at second placed Aston Villa - a side who had to win to have any hope of winning that year's title. In a battling display, Latics stalwart Nick Henry scored the winner midway through the first half, a shock result but one that gave hope to an unlikely escape and clinched the first title for 27 years for Manchester United. Three days later Liverpool were beaten 3-2 at Boundary Park, whilst Crystal Palace could only draw at Manchester City. This led to a scenario by which for Oldham to survive, they had to beat fellow strugglers Southampton at home and hope that Crystal Palace were defeated at Arsenal's Highbury ground. Oldham eventually won 4-3 despite ahead 4-1 at one point, whilst Palace lost 2-0 at Arsenal, meaning that the Eagles were demoted on goal difference.

Oldham reached another F.A Cup semi-final in 1993-94, again facing Manchester United. The match, at Wembley Stadium, looked to be going Oldham's way, with Oldham holding a 1-0 advantage until Manchester United's Mark Hughes scored a last gasp leveller in the last minute of extra time. A poor performance in the replay at Maine Road ended Oldham's hopes, and culminated in a disastrous run of results, with the Latics' failing to win any of their remaining seven fixtures. A month later they were relegated from the Premier League after three seasons in the top flight. It is argued by many Oldham fans that the team never recovered from the Mark Hughes goal.
Oldham defeated Chelsea 4 times (from six meetings ) between 1991 and 1994 - a fact that many would now consider astounding when seeing the 2 clubs' current league status.