After a 1–1 draw at The Dell, the Saints lost by a single goal in the replay at the County Ground, exiting the tournament without a win for a club record seventh season running.

Their top scorer was centre-forward Ted Drake, who scored 22 goals in the Second Division and one in the FA Cup before he left the club to join Arsenal in March.

In May, amateur forward Bill Charlton joined divisional rivals Fulham,[1] while former Cottagers left-back Arthur Tilford returned to the club after three months at the South Coast side.

[2] Frank Osborne also left the Saints after a season playing for the reserve side, retiring from football until returning as a director at Fulham a few years later.

[3] Backup goalkeeper Bob Foster joined Third Division North side Wrexham in June,[4] while outside-left Jimmy Harris was sold to Aylesford Paper Mills.

[7] During the summer, the club also signed winger Norman Catlin from Arsenal,[8] full-back Frank Ward from Preston North End,[9] and inside-forward Ted Withers from Clark's College, all on amateur terms initially.

[13] In October, outside-right Fred Dunmore was sold to Blyth Spartans,[14] and the following month inside-right Joe Cummins and amateur goalkeeper Eugene Bernard were signed.

[21] Drake was sent off in a 3–1 loss at Grimsby Town on 9 December, becoming the first Southampton player to be dismissed in the league since Jerry Mackie on the opening day of the 1929–30 season.

[22] After top scorer Ted Drake was sold to First Division side Arsenal for a new Southampton club record fee of £6,000 in March 1934, the Saints continued to struggle in the bottom six places of the table, dropping as low as 17th after a run of seven games with just one win.

[26] The club's only friendly match of the season took place on 27 January 1934, with Southampton beating divisional rivals Fulham 2–1 thanks to goals from Ted Drake and Arthur Holt.