A terrible start to the season saw Peter Taylor sacked at the end of September and Dave Bassett named as his replacement, with Micky Adams joining as assistant manager. For a while, it looked as though Bassett was capable of keeping the Foxes in the Premiership, but a four-month winless run beginning in December killed their survival hopes and they were relegated on 6 April after losing 1–0 at home to Manchester United.
Just before relegation was confirmed, Bassett became Director of Football and Adams was promoted to the manager's seat, with former Cardiff City boss Alan Cork being named as his assistant.
On 12 May 2002, Leicester played their final game at Filbert Street before moving into their new 32,000-seat home. They ended up beating Tottenham Hotspur 2–1 to attain some satisfaction from winning the final game at their 111-year-old home; it was only their fifth league win of the season. The cost of relocation combined with the money lost from relegation plunged Leicester into a serious financial crisis. The priority for next season would be to secure the club's future financially, before thinking about a promotion challenge.
Rules for classification: 1) points; 2) goal difference; 3) number of goals scored (C) = Champion; (R) = Relegated; (P) = Promoted; (E) = Eliminated; (O) = Play-off winner; (A) = Advances to a further round.
Only applicable when the season is not finished: (Q) = Qualified to the phase of tournament indicated; (TQ) = Qualified to tournament, but not yet to the particular phase indicated; (RQ) = Qualified to the relegation tournament indicated; (DQ) = Disqualified from tournament.
Pld = Matches played; W = Matches won; D = Matches drawn; L = Matches lost; F = Goals for; A = Goals against; GD = Goal difference; Pts = Points
1Since Arsenal qualified for the Champions League, their UEFA Cup place as FA Cup winners defaulted to Chelsea, the losing finalists.
2Blackburn Rovers qualified for the UEFA Cup as League Cup winners
3Despite relegation, Ipswich Town qualified for the 2002–03 UEFA Cup Qualifying Round as Fair Play Award winners
At the end of the season, Leicester's annual award ceremony, including categories voted for by the players and backroom staff, the supporters and the supporters club, saw the following players recognised for their achievements for the club throughout the 2001–02 season.