November began more brightly, with a 1–0 home win over Osasuna. Raúl Tamudo scored the winner on the hour mark, atoning for missing a penalty in the first half.[8] Espanyol also progressed in the cup, thanks to a 3–0 win over Celta in the return leg. However, they suffered four consecutive losses in the league, to Deportivo de La Coruña, Numancia, Racing de Santander and Sporting de Gijón.[5] Following the Sporting game on 30 November, with the club 17th in the table and only a point clear of the relegation zone, Márquez was sacked.[9][10][11] The club acted quickly to replace him, with former Athletic Bilbao manager Mané appointed the following day.[12]
2009 began with two draws in the league, against Mané's former club Athletic at San Mamés and at home against Almería, either side of an embarrassing 3–2 loss to Segunda División B side Polideportivo Ejido at Santo Domingo in the first leg of their Copa del Rey round of 16 tie. Although a 1–0 win in the second leg was enough for Periquitos to squeeze into the next round on away goals, another humiliation was to follow with a 4–0 loss to Málaga at La Rosaleda on 18 January.[5] This left the club 18th in the table, five points from safety,[15] and brought an end to Mané's short tenure as manager, as he was dismissed on 20 January.[16] He was replaced the same day by Argentine former Espanyol defender Mauricio Pochettino, in his first managerial role.[17][18][19]
Pochettino's tenure began with a stern test, with Pep Guardiola's Barcelona visiting for the first leg of the Copa del Rey quarter-final, a match which Pochettino had only two training sessions to prepare for. Despite the lack of preparation, Pochettino's tactical changes helped Blanquiazules secure a surprise 0–0 draw.[19] Although they ultimately lost the return leg at Camp Nou 3–2 to exit the competition, Espanyol's league form began to improve, with three consecutive 1–1 draws against Valladolid, Recreativo and Getafe. They lost their next fixture, at home to Sevilla,[5] but this was followed by the high point of their season. They again faced Barcelona at Camp Nou, where a quick-fire brace early in the second half from Monaco loanee Nenê was enough to secure a 2–1 win, despite Yaya Touré pulling a goal back for the hosts soon afterwards.[20] This was Espanyol's first Derbi Barceloní victory at Camp Nou for 27 years.[21]
The derby win did not immediately allow Periquitos to gain momentum in the league, with only a 3–3 home draw with Mallorca interrupting a run of three losses in four games, against Real Madrid, Villarreal and Osasuna.[5] This left the club bottom of the table at the end of March, eight points from safety with ten games to play.[22] However, they would go on to win eight of their remaining games, only interrupted by a 0–0 draw with Numancia at Los Pajaritos and a 3–2 loss to Atlético Madrid at Vicente Calderón.[5] They escaped the relegation zone thanks to a 2–0 home win over Betis on 26 April,[23][24] and secured their survival with a game to spare after a 3–0 win over Almería at Estadio del Mediterráneo on 23 May.[25][26] They ultimately finished the season in a creditable 10th place.[27]
Pochettino later said he had asked for "divine intervention" to improve the club's form,[28] and he was rewarded in early June with a new contract for the next three seasons.[29] 2008–09 was Espanyol's final season playing at Estadi Olímpic Lluís Companys, with their new home at Cornellà-El Prat inaugurated with a 3–0 friendly win over Liverpool on 2 August.[30]