By the end of the calendar year, Southampton had dropped as low as 14th in the Second Division table – the position in which they finished the previous season – after a period of poor form in December.

The Potters, who were challenging for the league championship at the time (and eventually won it), edged the game 1–0 to send the Saints out of the third round of the tournament for the sixth consecutive season, marking their worst run to date.

The lowest attendance was a record low 2,949 against Bradford City on 25 February 1933, the first home game after the controversial sale of Arnold and left-back Michael Keeping.

[1][2][3] Half-back Arthur Wilson was sold to recently relegated West Ham United for £500,[4] goalkeeper Willie White joined Third Division South side Aldershot,[5] inside-left Peter Dougall was transferred to French side Sète,[6] centre-half Johnny McIlwaine joined Welsh club Llanelli for a season,[7] and inside-forward Henry O'Grady signed for Leeds United in the First Division.

[18] Also in September, Willie Haines was sold to Weymouth,[19] George Harkus joined Southport as reserve player-coach,[20] and Sid Grover signed for Bournemouth Gasworks Athletic.

[26][29] By the end of the calendar year, the club had dropped to the middle of the table after three straight defeats in December against Burnley, Nottingham Forest and Charlton Athletic.

[31][26] With the club's financial difficulties continuing to pose problems for the directors, Southampton were forced to sell Johnny Arnold and left-back Michael Keeping in February, both of whom had played in all but two games in the league campaign to date.

They joined recently departed players Arthur Haddleton, Bert Jepson, Bill Fraser and former Saints boss Jimmy McIntyre at Fulham, who later described the purchase as "the best deal he had ever made".

[31] The sale proved unpopular with fans, who responded with a club record low Football League attendance of 2,949 in the next home match against Bradford City, after the directors had warned that an average crowd of 14,000 was required for the rest of the season in order to break even.

[35] The club's first non-competitive fixture of the season was a friendly match against Third Division South side Gillingham in February, which they lost 3–1 (Arthur Holt scored for the Saints).

[37] The Saints were on the end of another thrashing at the hands of the top-flight hosts, who won 5–0 thanks to another hat-trick from Worrall, as well as a first-half goal from Jack Weddle and a second-half own-goal by right-half Charlie Sillett.

Outside-right Dick Neal and goalkeeper Bert Scriven each appeared in all but one of the season's league games and the match for the Hampshire Benevolent and Rowland Hospital Cups.