A 3-1 final day defeat at Everton yesterday handed the 57-year-old a share in an unwanted club record low points total for a Barclays Premier League season.

The club's return of 43 matched their finish under Glenn Roeder 12 months ago, their lowest in 15 years in the Premier League.

However, Keegan admits there was a point when he feared it could turn out much, much worse.

He said: "I said we didn't want to go down as the worst ever, and we have equalled it.

"What can I say? It's disappointing - but at one time it didn't look like we would get that many.

"You have just got to be grateful for small mercies. We have had a transition in the manager - we haven't had a transition of players because we haven't signed any yet.

"It's not a surprise. When things don't go smoothly at a football club, you don't pick up the points you should.

"It's definitely going to go down as a disappointing season. It might have been a lot, lot better."

Keegan succeeded Sam Allardyce as manager in January with the club marooned on 26 points from 21 games and in the midst of what was to prove a three-month wait for a league win.

He had to wait 10 games to taste victory, but then saw his side put together a seven-match unbeaten run to secure their top-flight status.

Ultimately, however, his 16 league fixtures yielded 17 points, although that run included trips to Aston Villa, Arsenal and Liverpool and home games against top two Manchester United and Chelsea, and Keegan was delighted with the response of his players.

He said: "When I took over and looked at the fixtures, we only had one game away against the teams around us.

"Every game was against teams in the top half. We had to play the whole top four either home or away.

"I think the players have done marvellously to get together and sort it out.

"It was a challenge. The bigger the club, the bigger the scalp it is in this league.

"There will be players who will go home and reflect over the summer and think they could have had better seasons and contributed a bit more, and players who think they should have been given more chances.

"And there will be players who know they have given everything and just not had enough around them."

Just how Keegan manages to reshape his squad ahead of next season's challenge for fifth place - his stated aim for the new campaign - remains to be seen.

He emerged from Friday's meeting with owner Mike Ashley, chairman Chris Mort, deputy chairman Derek Llambias, executive director (football) Dennis Wise and vice-president (player recruitment) Tony Jimenez either chastened or bullish depending on which version of events you subscribe to.

His list of transfer targets was handed over several weeks ago and he is now awaiting developments.

However, he remains keen to tie up England striker Michael Owen in a new deal and will have been disappointed to see reports this weekend suggesting Manchester United will attempt to prise him away from St James' Park this summer as he enters the final year of his current contract.

But asked about the claims, he said: "Don't believe all that you have read."

If the focus over the next few weeks and months with be new arrivals, one player had a chance to say his goodbyes to the Toon Army yesterday.

Defender Peter Ramage was introduced as a late substitute for his first appearance since being carried off on a stretcher with a knee ligament injury against Middlesbrough in August.

The emotional 24-year-old, who was due to undergo a medical at QPR today, was delighted to fulfil a dream.

He said: "It was a nice touch and something I will never forget.

"I didn't want to end my career at the club having been stretchered off in my last match, and I will always be grateful to him (Keegan).

"I can say I played under Kevin Keegan, and that's something I will always treasure. He's a legend at Newcastle.

"It was brilliant to get on for the last minute, but to be honest, I would have settled for 10 seconds. It didn't bother me."