 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.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.In the 1938–39 season, the last year of football before the Second World War, the club finished 14th in the First Division.