Later, Keegan returned to Tyneside to replace Osvaldo Ardiles as manager on a short term contract in 1992, taking what he claimed to be the only job that could tempt him back into football. Newcastle were struggling at the wrong end of Division Two; Sir John Hall had all but taken control of the club and he needed a minor miracle to stop Newcastle from tumbling into the Third Division for the first time in their history. Survival was confirmed by winning both of their final two league games, at home to Portsmouth and away to Leicester City, the latter to a last minute own goal, although as it transpired, Newcastle would have survived even if they had lost at Leicester.
The 1992–93 season saw a dramatic turn around in the club's fortunes. They won their first eleven league games before a 1–0 home defeat against Grimsby Town ended the run, two games short of the then English league record of 13 consecutive wins. Playing an exciting brand of attacking football Newcastle became Division One champions with a 2–0 away win, coincidentally at Grimsby on 4 May 1993, and gained promotion to the Premier League.
Under Keegan, Newcastle continued to succeed, impressing with their attacking flair and a third place finish during the 1993–94 season - their first season back in the top flight. The attacking philosophy of Keegan led to Newcastle being labelled "The Entertainers" by Sky television. This was highlighted in a fantastic attacking display in a 3–0 win against Liverpool. The following season Newcastle sold top scorer Andrew Cole to Manchester United and finished 6th that season despite leading the table for the majority of the first half of the season. This season also marked the club's return to European competition in the Uefa Cup although they went out in the second round on away goals.
Using the transfer money from the sale of Cole, Newcastle rebuilt during the 1995-1996 season with the signings of David Ginola and Les Ferdinand, amongst others. The club came very close to winning the Premier League that season, and were at one time 12 points ahead of nearest rivals Manchester United, but eventually lost out. One match in particular from that season stood out, the 4–3 defeat to Liverpool at Anfield on 3 April 1996; in April 2003 it was named "Match of the Decade" in the Premier League 10 Seasons Awards. On 30 July 1996, the disappointment of missing out on the title was lessened to an extent, as the club signed Alan Shearer for a then world record fee of £15 million. The 1996–97 season saw Newcastle once again finish in second despite thrashing eventual champions Manchester United 5–0 at St. James Park. The club also reached the Uefa Cup quarter final this season.
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