An amazing slump in the team's fortunes took place in the following season, 1932-33, when Wimbledon, reigning League Champions finished 2nd from bottom and had to apply for re-election. With Mr. H. A. White appointed as trainer/coach it was a season of team building for the future. On the brighter side, the reserves again won the South London Charity Cup and improvements were made to the terracing in front of the stand.

The end of the season saw the Club in a grave financial crisis with insufficient funds in the bank to meet the wages of the ground staff. There were a variety of reasons for this state of affairs such as (1) bad luck in the Cup draws, (2) bad luck in losing many matches in which the team had played some excellent football, and (3) the loss of gate money due to the general financial stress existing throughout the country.

It was also for economic reasons that the Easter tour had to be cancelled. In an effort to obtain an overdraft of £500 at the bank, the following members kindly stepped forward and offered to guarantee the sum of £50 each: Messrs. Meadows, Brown, Stroud, Headicar, Hendra, Mercer, Hillier, Tingley, Stoakley and Wickes, thus enabling Wimbledon F.C. to survive for another season of Isthmian League football.