Cambridge had returned to English football's second tier after an absence of seven seasons, following two successive promotions. Few expected Cambridge to succeed at a high level after their rapid rise, five years after having to reapply for Football League status, but Cambridge managed to make the play-offs for promotion to the inaugural Premiership season with a fifth place finish - their highest-ever placing in the Football League. Cambridge lost in the semi-finals to Leicester City - following a 1-1 draw at home in the first leg, they were hammered 5-0 at Filbert Street for a 6-1 aggregate loss - but even this cruel end to their promotion hopes did little to detract from what Cambridge had achieved in such a short space of time.
Crucial to Cambridge's success was free-scoring striker Dion Dublin; but in the off-season he left to join First Division runners-up Manchester United in a £1 million transfer, spreading doubt that Cambridge would be capable of improving and clinching promotion the next season.
Influence became Cambridge's new kit manufacturers, and introduced a new home kit for the season. The kit saw a return to tradition for Cambridge, with the club returning to its tradition dark orange shirts and black shorts, with black socks also worn. Fujitsu retained their sponsorship for away kits and, following the end of Cambridge's sponsorship deal with Howlett, became the home sponsors too.