The arrival at Bescot Stadium saw some stability brought back to the club after two consecutive relegations. Ex-Wolves star Kenny Hibbitt managed the club for 4 years, setting the groundwork for a golden era for the club that would follow immediately after his departure in September 1994.

New manager Chris Nicholl guided the club to promotion in his first season, building the nucleus of a strong and under-rated team. Two years of stability followed, before Nicholl left, citing family reasons and the fact that he felt the club had progressed as far as he could take it on the limited funds available to a lower-league football club.

Ex-Ajax and Danish International Jan Sorensen took the helm after Nicholl's resignation in the summer of 1997. Whilst 'The Saddlers' finished a dismal 19th in Division Two that season, the club reached the 4th Round of the Coca-Cola League Cup (beating Nottingham Forest and Sheffield United along the way), as well as rampaging through the beginning rounds of the FA Cup. Lincoln United were defeated in the first round, whilst league newcomers Macclesfield Town (who until then had been unbeaten at home in all tournaments) were destroyed 7-0. Peterborough United, who themselves have a rich cup pedigree, were beaten on a bitterly cold Tuesday evening to set up an interesting tie away at Premiership Champions, Manchester United. Walsall suffered a 5-1 defeat.