A long period of decline followed the success of the 1960s and 1970s. Malcolm Allison rejoined the club to become manager for the second time in 1979, but squandered large sums of money on unsuccessful signings, such as Steve Daley. A succession of managers then followed – seven in the 1980s alone. Under John Bond, City reached the 1981 FA Cup final but lost in a replay to Tottenham Hotspur. The club were twice relegated from the top flight in the 1980s (in 1983 and 1987), but returned to the top flight again in 1989 and finished fifth in 1991 and 1992 under the management of Peter Reid. However, this was only a temporary respite, and following Reid's departure Manchester City's fortunes continued to fade. City were co-founders of the Premier League upon its creation in 1992, but after finishing ninth in its first season they endured three seasons of struggle before being relegated in 1996. After two seasons in Division One, City fell to the lowest point in their history, becoming the second ever European trophy winners to be relegated to their country's third league tier, after 1. FC Magdeburg of Germany.