In response to the bankruptcy a group of supporters set up a new club, Aldershot Town, which still plays at the Recreation Ground.

In 1927 the club joined the Southern League, playing their first game on 27 August 1927 in a 4–0 win over Grays Athletic in front of a 3,500-strong crowd at the Recreation Ground.

Aldershot's first Football League season ended with a 17th place in the Third Division South,[2] and a year later they improved slightly to finish 14th.

[3] A similar disappointment followed a year later, as they were pipped to promotion by a single place – this time by a Wimbledon side who were First Division members and FA Cup winners less than a decade later.

On the plus side, Aldershot finished above two much more illustrious clubs – Portsmouth and Huddersfield Town – who were both former winners of the league title and FA Cup.

[3] In 1981, Aldershot suffered their third promotion disappointment in four seasons as they finished sixth – once again being beaten to a place in the top four by Wimbledon.

[3] In 1984–85, Aldershot took a young striker at the time on loan from Millwall – Teddy Sheringham, the future England international player.

Millwall manager George Graham had been willing to sell Sheringham to Aldershot on a permanent basis, but they could not raise the £5,000 fee.

[3] On 31 July 1990, Aldershot were wound up in the High Court as the Official Receiver condemned them as "hopelessly insolvent" with debts of £495,000.

[5] However, the winding-up order was lifted on 7 August 1990 when 19-year-old property developer Spencer Trethewy paid £200,000 to save the club and allow them to start the new Fourth Division campaign.

Trethewy's shady dealings finally caught up with him in 1994 when he was convicted of fraud and received a two-year prison sentence.

[8] There was a brief respite for the club on 5 January 1991, when it held West Ham United to a surprise goalless draw in the FA Cup third round at Upton Park.

[9] Len Walker had stepped up to the role of general manager in March 1991, with Brian Talbot taking over as player-manager.

[10] However, Aldershot's debts were mounting and although they were able to begin the 1991–92 Fourth Division campaign, as the season wore on it looked more and more likely that the club would go under.