Jim Smith's arrival as manager at the start of the 1991-92 season, combined with the emergence of some good young players, sparked a revival in the team's fortunes and that year Portsmouth reached the semi-finals of the FA Cup, losing on penalties to eventual winners Liverpool after a replay. The following season, Portsmouth missed out on promotion to the FA Premier League only by virtue of having scored one less goal than West Ham United.
In the summer of 1996 Terry Venables arrived at Portsmouth as a consultant, later taking over as chairman after buying the club for £1. The team enjoyed a run to the quarter-finals of the FA Cup in 1996-97, beating FA Premier League side Leeds United en route, but finished just short of the qualifying places for the play-offs for promotion to the Premier League.
Portsmouth's centenary season, 1998-99, saw a serious financial crisis hit the club, and in December 1998 Portsmouth went into financial administration. Milan Mandarić saved the club with a takeover deal in May 1999, and the new chairman immediately started investing. However the club only survived on the last day of the 2000-2001 season when they won their final game and Huddersfield Town lost theirs, keeping Portsmouth up at their expense.
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