But it's not a myth! We were in strong contention for automatic promotion from the first brilliant performance against Sunderland in August until early December.
As this league table from the 2nd December clearly shows:-
http://www.statto.com/football/stats/england/division-one/1997-1998/table/1997-12-02
As others have said, the key month was November 1997 when we lost Mcgrath, Tiler, Ward, Patterson and Whitehouse.
At the start of the month, we were in a very commanding postition in the top two with games in hand on most of our rivals.
This was the league table:-
http://www.statto.com/football/stats/england/division-one/1997-1998/table/1997-11-04
It's also worth noting that there were some very high-achieving teams in our league that season.
The top four teams all finished with over 88 points that season which was enough for QPR to win the league with last season.
Most years 81 points is enough for automatic promotion, so in a normal year Spackman's results would have been seen in an even better light.
The bottom line is that the excellent start to the season wasn't matched by an increase in attendances and revenue.
Spackman didn't help by signing players he didn't really need (e.g. Saunders) and the board allowed him to do so.
MacDonald panicked early, started to sell players who we did need against the manager's wishes and the rest is history.
If we'd only lost McGrath and Whitehouse and kept the rest, I feel we would have at least challenged for automatic promotion until the end.