They finished in eighth position overall and the season saw several first team players sold to raise funds to cover a drop in attendance figures following relegation.

However, to raise funds Hughie Ferguson, the club's record signing and top goalscorer for the previous three seasons, was sold to Dundee.

[4] Frank Moss left the club and never returned to professional football while Tommy Hampson was also allowed to join Notts County.

[5][6] Cardiff started the season against Charlton Athletic on 31 August 1929, but early optimism of a quick return to the First Division was dented as they suffered a 4–1 defeat.

[8] With Ferguson gone and Len Davies dropped from the side, Cardiff began the season with new signing Valentine and highly rated teenager Walter Robbins leading their attack.

The team's captain, Fred Keenor, was a target of their ire after the defeat to Hull and was so badly affected by the barracking that he contemplated retirement.

The Football Express wrote that there was "a remarkable drop in gate receipts" and that the club had taken around £500 less from the opening home matches than the corresponding two games in the First Division the previous year.

Three days later, the side ended the month by defeating Bradford City by a single goal, Fred Warren's fourth of the season.

[7] Despite the lack of goalscoring, the crowd gave both sets of supporters a standing ovation as they left the field at the end of the game.

[12] Goalscoring proved an increasing issue for the side; in their next three fixtures Cardiff scored only once, Francis Harris adding his third goal of the season during a 1–0 victory over Barnsley on 19 October.

This prompted Stewart to make several changes to his side, with George McLachlan, Albert Miles and Billy Thirlaway all restored to the starting line-up.

The trio all made an impact as Cardiff defeated West Bromwich Albion 3–2 on 2 November, with Miles and Thirlaway scoring either side of Len Davies.

Miles scored again a week later, during a 2–1 win over Tottenham Hotspur, as Cardiff recorded consecutive victories for the first time during the campaign.

After playing in a 1–0 win over Chelsea,[7] Cardiff received an offer for his services from Manchester United and, with falling attendances continuing to drain the club's finances, eventually accepted.

[15] With their hopes of promotion fading, the board sanctioned further sales to raise funds with a triple transfer involving John Jennings, Joe Hillier and Warren all moving to Middlesbrough for a combined fee of £8,000.

[7] The second South Wales derby of the season was held on 8 February as Swansea,[17] who were bottom of the Second Division at the time,[18] recorded a 1–0 win.

[7][16] The fixture proved to be the start of a seven match unbeaten run for the side that continued with a 2–2 draw against Barnsley on 22 February with Williams scoring a brace.

The unbeaten run continued to the end of March with two more fixtures; Williams adding a further three goals during a victory over Millwall and a draw with Southampton.

Cardiff's form deteriorated in April; after a 1–1 draw with Nottingham Forest, they lost three of their next four games and failed to score in each defeat.

In the fourth round, they drew further First Division opposition in Sunderland but were unable to repeat their upset, losing 2–1 with Davies again scoring his side's goal.

The 10,000 strong crowd,[23] coupled with the high attendance figures during the league meetings between the two sides, prompted plans for an annual competition to be set up.