Wednesday are relegated to the 2nd Division (Tier 2).

Wednesday lose the opening three matches but win the next two to leave them in 14th place.  Unfortunately Wednesday win just once in the next eighteen matches leaving them rock bottom by Christmas.  A mini revival with four wins and a draw from six matches lifts them to 19th place in March.  Wednesday lose the next four matches but a draw with Manchester United means that Wednesday must win the last match of the season to overtake Crystal Palace on goal average and avoid relegation to the 2nd Division.  A crowd of over 45,000 roar the Owls on, however Manchester City substitute Ian Bowyer scores a winner in the 89th minute to break Wednesday fan's hearts.

In a hugely disappointing season Wednesday are dumped out of the FA Cup by 4th Division Scunthorpe United and out of the League Cup (EFL Cup) by 3rd Division Bournemouth.

Wednesday are invited to take part in the inaugural Anglo-Italian Cup along with five other English teams and six Italian teams.  With two points for a win, one point for a draw and a point for each goal scored, Wednesday finish bottom of the English teams after the group stage, with eight points.  Swindon Town top the group with thirteen points and meet Napoli, who have fourteen points, in the final in Naples.  Swindon are 3-0 up, when the Italian fans riot causing the match to be abandoned and the Cup is awarded to Swindon.