Nottingham Forest's next significant trophy came in 1989 when they defeated Luton Town in the League Cup final. Clough's side retained the League Cup in 1990 when they defeated Oldham Athletic. There was chance for more success in 1991 when Forest reached their only FA Cup final under Brian Clough and went ahead after scoring an early goal (Stuart Pearce free kick) against Tottenham Hotspur at Wembley, but ended up suffering a 2-1 defeat in extra time after an own goal by Des Walker.

Forest reached their third League Cup final in 4 years in 1992, but lost to Manchester United, and in this successful period also won the Full Members Cup twice (1989 and 1992).

Brian Clough's 18-year reign as manager ended in May 1993 when Forest were demoted from the Premiership after 16 illustrious years of first division football which had seen one league championship, two European Cups and four League Cups. Since Brian Clough's departure, Nottingham Forest have had eight managers and spent just 4 out of 12 seasons in the premier league. Brian Clough is considered one of the finest managers in English football history by fans of all clubs.[citation needed]

There is said to be a consensus amongst many English football supporters[attribution needed] that the biggest mistake the FA ever made was not appointing Brian Clough as England manager.

Clough won 15 Cups and Competitions with Forest and his managerial record with them was: