The season started with two friendlies against Stockport Co., both games being lost, the away fixture as heavily as 0-6. Stanley then got stuck in traffic on their way to Tranmere, and having had to change on the bus, proceeded to lose 2-0 in the League opener. But Darlington, the first League visitors to Peel Park, were successfully dispatched 3-1 as George Hudson continued were he had left off, netting twice, aided by an own goal by Darlington centre-half Ron Greener. Chester's Welsh winger Mervyn Jones scored the only goal of the next game at Peel Park but a David Sturrock goal earned the Reds a point in the return fixture at Darlington. Although still referred to as the Reds by the Accrington Observer, Stanley had changed their strip to white shirts with a red band across the chest, and black shorts.

The defensive part of the team virtually picked itself in the early part of the season. Alex Smith was in goal with big George Forrester and ex-Preston and Manchester U.-player Joe Walton holding the full-back positions. Walton, who was 36, was team captain. The half-backs were Bob Wilson and 'Gatty' Richardson, together with Scot Alex Hamilton, the only reminiscence of the Galbraith-era. Hudson was centre-forward of course, with young Mike Ferguson in one of the inside-forward positions, and Willie Devine as one of the wingers. Sturrock, Lawson Bennett, Mulvey and player-coach Bill Smith were vying for the other positions.

Stanley lost 2-3 at Colchester, goals from Hudson and Devine (penalty), but the fans had no reason to sense the the disasters to come, and 4,161 turned up to see the goalless draw with Mansfield T. two days later. This game saw the debut at inside-forward of Jim Milner, who had been signed from Darlington. It seemed that his arrival brought some stability to the club as the Reds (in white) picked up two straight 1-0 wins, against Carlisle at home, and Bradford City away, courtesy of goals by Hudson, and Alex Hamilton respectively. Stanley were now in 13th place having played 8, won 3, drawn 2, lost 3 and with a goal-difference of 8 goals for and 8 goals against. In between those two League games was a 1-0 exit from the League Cup at Lincoln, but without Milner who was ineligible.

Richardson was badly injured in the next game at Barrow, so badly in fact that he never played for the club again. Stanley lost the game 3-1, their goal being an own goal by veteran Dick Robinson. Only 2,472 turned up for the home fixture with Aldershot who won 2-0 thanks to first half goals by Tyler and Woan. Attendance figures were still up by some 500 for the home game with Barrow, which ended 2-2, after goals by Devine and Sturrock. Stockport then won 2-0 at Edgeley Park in what was to be George Hudson's last game. With the financial situation continuing to be bleak, the directors felt compelled to accept a bid of £5,000 from Peterborough U. The money was obviously well needed, but it was still a disastrous transfer, as the absence of Hudson's aerial threat made Stanley pitifully weak up front.

Player-coach Bill Smith took over as centre-forward, but while he had been a forward in younger days, he had last worn the number nine shirt with Birmingham in 1952, and he had never been a great scorer anyway. He was to fail to score a single goal. But in the first game without Hudson Jim Milner netted his first goal for the club, and Stanley took both points from the home game with Oldham Ath. in front of over 4,000. Rochdale won 1-0 at Spotland, and Oldham took a gruesome revenge in what was the Latics' first ever home game under floodlights. Oldham won 5-0 with Bert Lister helping himself to a hat-trick.

Willie Devine was injured in the Oldham game and when he failed a fitness test, reserve full-back Mike Pickup was given a surprise debut at outside-left. Pickup took his chance well and swung over a first-half cross for Jim Milner to head home for the only goal of the game, although Stanley were lucky to hang on to the points, despite having a man-advantage, Crewe full-back Leigh having had to limp off. Two days later Stanley visited Blackpool and surprisingly won 1-0 in the Lancashire Cup. Devine was back, and Pickup moved to centre-forward in place of Bill Smith who was injured. Injuries also gave a debut to apprentice right-half Bob Gordon. Milner returned the favours and crossed for Pickup to head the winner, but again Stanley had to hold on against a team reduced to ten men, and again, as against Crewe, goalkeeper Alex Smith saved them. Bob Wilson, who had taken over from Richardson at centre-half, was also in fine form.

Exeter won 3-0 at home, and Wrexham won 2-0 at Peel Park, with Stanley desperately trying to find some attacking options. Former Wrexham forward Barry Smith was on trial, making his debut against his old club, but he failed to find the net in three tries and wasn't retained. Another player on trial was Joe Hooley from Bangor City. Hooley had had League experience with Bradford, and made his debut on the right wing in the FA Cup game against Stockport Co. Stanley surprised County and the few fans they had left by playing one of their best games of the season, and on 22 minutes Hooley cut in from the right and played a pin-point pass to centre-forward Pickup who crashed the ball into the roof of the net. Unsurprisingly Stockport put Stanley under strong pressure in the second half, but Stanley's defense was in fine form. Alex Smith again earned rave reviews, as did Bob Wilson, Joe Walton and young Bob Gordon, who made his proper debut at right-half. Stanley held on for the win, but unfortunately it was to be the last one.

The following Saturday Workington ran out at Peel Park in their white change strip. Obviously nobody had told them of Stanley's recent change to white. Red shirts were eventually found for the visitors who romped home 4-0. Four more defeats followed; at York by a single goal, at Gillingham by 5-1, Paddy Mulvey scoring his only Stanley goal, at Hartlepool in the FA Cup where ex-Preston apprentice winger Peter Irving scored in a 2-1 defeat, and by 2-0 at home to Millwall. The Reds then they lost their manager, in rather bizarre fashion.

The Stanley board, under chairman Edwin Slinger, was convinced that Stanley could only afford a player-manager, and asked Harrower to return to playing. Harrower, who had been given the job 18 months earlier on similar grounds obliged, and the directors announced his return. However, when Harrower felt that it had been impossible to get fit in time for the home game with Tranmere R. the rift became apparent. The board was adamant that a player-manager was the only viable proposition, and Harrower equally adamant that he would only risk making a fool of himself if he played. An amicable settlement was reached, and trainer Harry Hubbick and player-coach Bill Smith were appointed joint-caretakers. The board was reportedly enquiring over the availability of Ronnie Allen and George Hannah, but Palace wanted £5,000 for Allen and Manchester City £9,000 for Hannah, and Stanley's interest vanished. Applications from Frank Soo and the Rovers' Tommy Briggs were turned down as the directors sought in vain for a replacement for Harrower.

Two draws, at home to Tranmere, scorer Jim Milner, and goalless at Chester, ended the year as the two fixtures against bottom club Hartlepool were postponed. Stanley were 23rd with 15 points, one more than the Pool.

In December Stanley were banned from buying new players because of outstanding debts, including the £1,000 owed to Burnley for Mike Pickup, although Burnley eventually waived payment of that fee. The Supporter's club still felt that new players ought to be signed and Secretary Arthur Street wrote to the board asking what steps were being taken to buy new players. Street was further incensed to hear that the board had granted transfer requests from Pickup and young Mike Ferguson. The Mayor's (ald. Wifred Wallworks) Appeal Fund for new players had brought some, but too little for any realistic purchase and it was discussed whether the money should be returned to the donors.

After three weeks of inactivity due to the weather, the new year started with a 4-0 drubbing at home to leaders Colchester U., and Stanley now dropped to bottom place, a position they were destined not to leave. Only 1,430, the second lowest post-war attendance, watched the debacle. The lowest attendance figure recorded was the 925 that witnessed a 4-0 win against York in April 1960. Stanley have a poor record at Brunton Park, and Stark and Taylor made sure that there was no change, the Cumbrians winning 2-0. Against Chesterfield at home Stanley gave a debut to amateur forward Les Christie, who missed a sitter in the last minute. But he wasn't the only culprit. Symptomatic of Stanley's finishing Paddy Mulvey shot against the inside of the post, and when the rebound fell to Bill Smith, he mis-kicked from seven yards out. But Stanley still had to rely on Alex Smith in order to keep their single point, the keeper making an astonishing save from Rackstraw's header.

The last-ever programme,
vs Bradford City

The following week Stanley played Bradford City at home, and finished their fifth straight game without finding the net. Stanley may have played the better football but when Pickup slipped on the greasy turf just before the interval, Stowell scored from close-range after Alex Smith had managed to block a shot from Storton. Pickup, who despite his slip, was one of Stanley's best players at right-half, had a header fortunately saved by a defender with keeper Downie well beaten, while Bill Smith failed to make contact with Mulvey's through-ball, virtually standing on the goalline. Ferguson and local forward Jack Wareing who was tried again at centre-forward (it was his fourth chance) also missed badly before Storton put the issue beyond doubt. Rock bottom, Stanley were still not that far from the others. Doncaster R., who were fifth from bottom and just above the dreaded re-election places, had 22 points, Hartlepools had 19, Chesterfield (who had a game in hand) had 18, as had Chester who had played two games more than Stanley who had 16 points.

Jim Milner netted twice at Aldershot to become Stanley's leading scorer with five, and, more importantly, earn Stanley a 2-2 draw. Mike Pickup was returned to centre-forward and netted Stanley's only goal at home to Stockport, but a penalty by George Whitelaw gave County both points.

By now the financial troubles were taking precedence. And things were happening quickly. It took less than a month from the time news of the imminent crisis broke in mid-February until the death-sentence was carried out. On 12 February chairman Slinger resigned. Vice-chairman Ronald Walton followed, leaving four (active) members of the board. Stanley still owed between £3,400 and £4,000 to other clubs, notably Preston and Blackburn, but more immediately dangerous was the similar amount due the Inland Revenue. And there were other debts. Former chairman, now Vice-President Sam Pilkington was asked to help, and he called on his good friend Bob Lord, the Butcher King who was chairman of Burnley. Lord promised to see what he could do.

The League immediately wrote to Stanley to ask for clarification on the financial situation, and also made it clear that in no way would a Burnley take-over of Stanley be acceptable. Lord for his part declared that whatever he might do, becoming a director of Stanley being a possibility, would be done by him personally and had nothing to do with Burnley FC. On 20 February the Accrington Observer ran the headline "The Peel Park Days of Crisis" with President sir William Cocker appealing to the public for support while taking a swipe at the League for introducing the national Third and Fourth Divisions which he believed was causing financial troubles not just at Stanley.

The following day Bob Lord was present at a board meeting and demanded the resignation of the entire board. The five who were present agreed, and Slinger followed suit a few days later. But what Lord was prepared to do was still not clear. The only thing he promised to do was to buy enough shares in order to qualify as a director. He said: "There is no question of Bob Lord taking over Accrington Stanley. The only people who can do that are the shareholders, and if they want me to put forward my suggestions I will do so, according to how I find the picture. But I haven't seen even the frame of the picture yet. I know very little of how the club is placed. "

It was hoped that the sale of Mike Ferguson might bring in some much-needed cash, but the youngster turned down the move to Workington who were willing to pay £3,000. It was a hard decision to take, knowing as he did that older players with families to feed were dependent on his decision, but he stood firm.

Appeals for support did bring 2,727 to Peel Park for the home game with Rochdale, but there was no improvement in the quality of Stanley's attacking play. Joe Devlin was brought back for this game, but he was well past it, having had surgery on both knees. Another newcomer was teenage left-back Alan Gregory who was replacing the injured Walton. It took five minutes for Doug Wragg to beat Gregory and cross for Louis Bimpson who headed home. Late in the half Pickup, Devlin and Mulvey all went close, but Rochdale were undeniably the better side. Ferguson had a great chance in the latter half but shot tamely wide, and Stanley struggled to hold the visitors to just one goal, conceding a second in the dying minute when Ronnie Cairns shot home from the edge of the box. Mike Ferguson finally managed to score his first goal of the season three days later, at Doncaster in a 1-1 draw, but sadly it was to be Stanley's last goal, and last point.
Mike Ferguson shoots wide against Rochdale.

On Friday 2 March Stanley travelled to Crewe for what turned out to be their last League match. Alex Smith was in goal as he had been all season, but had to make a car dash after missing the coach. The rest of that team read: Forrester, Gregory, Pickup, Wilson, Hamilton, Devine, Bennet, Bill Smith, Ferguson and Mulvey. The wintry conditions were difficult, it was close to a snow-storm, and old team-mate Terry Tighe almost gave Stanley a helping hand with a poor back-pass that was cleared off the line. But the twin-strikers Barry Wheatley and Frank Lord were too much to handle for the Stanley defense this day. Wheatley shot Alex ahead on 24 minutes, and midway into the the second half Lord headed home Tighe's corner. The strikers helped themselves to an extra goal apiece in the last five minutes for a 4-0 scoreline.

On 5 March a creditors meeting was told that Stanley owed unsecured creditors over £40,000 in addition to what was owed other clubs, the Inland Revenue and the Ministry of Pensions. The latter debt, failure to pay £458 for player's insurance stamps, particularly upset Lord and Pilkington. Lord recommended closure, and without the support of Lord and Pilkington, the directors saw no other option but to resign from the League. A letter carrying this message was sent to the League headquarters.

The town was understandably appalled, and after discussions with local businessmen and after hearing that no creditors were willing to do the deed on Stanley, President Sir William Cocker was in a position to send another letter to the League, asking it to disregard the first letter. According to a story, possibly just part of local folklore, a man had appeared at Peel Park with a bag full of money, in the region of £10,000, and offered it to Stanley.

The matter of Stanley's resignation was to be discussed at a Management Committee meeting on Sunday 11 March. The Lancashire Senior Cup game against Burnley, due to be played on 6 March had been postponed, but there was no reason why the League game against Exeter on Saturday 10 March shouldn't be played, especially as Stanley were hoping for a big gate, when by chance both Blackburn and Burnley were both playing away in the FA Cup. Normally Stanley were hit with a clash with either of the two, both in Division One. But while both clubs wanted to play, League Secretary Alan Hardaker decided that the game couldn't take place, a decision he clearly had no power to take as Stanley were still members of the League, at least until Sunday.