In 1922, three years after the resumption of football following the First World War, the club was relegated to the Second Division, where it remained until regaining promotion in 1925. Relegated again in 1931, Manchester United became a yo-yo club, achieving its all-time lowest position of 20th place in the Second Division in 1934, under secretary-manager Scott Duncan, narrowly avoiding relegation to the Third Division. Two years later, Duncan led the club to promotion before another relegation followed in 1937, which led to his resignation in November of that year. Following the death of principal benefactor John Henry Davies in October 1927, the club's finances deteriorated to the extent that Manchester United would likely have gone bankrupt had it not been for James W. Gibson, who, in December 1931, invested £2,000 and assumed control of the club.Barnes et al. (2001), p. 12. In the 1938–39 season, the last year of football before the Second World War, the club finished 14th in the First Division.
In 1922, three years after the resumption of football following the First World War, the club was relegated to the Second Division, where it remained until regaining promotion in 1925. Relegated again in 1931, Manchester United became a yo-yo club, achieving its all-time lowest position of 20th place in the Second Division in 1934, under secretary-manager Scott Duncan, narrowly avoiding relegation to the Third Division. Two years later, Duncan led the club to promotion before another relegation followed in 1937, which led to his resignation in November of that year. Following the death of principal benefactor John Henry Davies in October 1927 the club's finances deteriorated to the extent that Manchester United would likely have gone bankrupt had it not been for James W. Gibson, who in December 1931, invested £2,000 and assumed control of the club.Barnes et al. (2001) p. 12. In the 1938–39 season, the last year of football before the Second World War, the club finished 14th in the First Division.