President: Sir Charles Mander.

Directors: B Matthews (Chairman), RH Archer, JS Baker, J Evans, AH Oakley, JT Howley (Assistant Secretary).
Secretary Manager: Major Frank Buckley.

Playing Staff: Jim Alderton, Derek Ashton, William Aston, Arthur Bainbridge, George Bainbridge, Leslie Barnes, Harry Barratt, Billy Baxter, Dennis Beesley, Richard Betts, Roy Bicknell, Donald Bilton, Luke Black, Harold Blackwell, Bolton, Stanley Booth, Henry Brown, Frank Buckley, Thomas Burden, Leslie Burgwin, Frank Burns, Cyril Burton, Dizzy Burton, Robert Carr, Raymond Carter, Sydney Cartwright, Douglas Caunt, Cyril Cawdron, Charles Chaplin, Ray Chatham, Francis Christopher, Sid Clewlow, Jeffrey Coley, Collins, Joseph Cooper, Alf Crook, Stanley Cullis (guested for Aldershot), Cureton, Wilfred D’Arcy, Fred Davenport, Donald, Dickie Dorsett, Arthur Dyke, Edwards, Ted Elliott (Guested for Glentoran), Elmer, Ronald Facer, Herbert Fewtrell, Fletcher, Joseph Foster, Tom Galley, Joe Gardiner, Leonard Glasberg, Raymond Goddard (Guested for Cardiff City), Arthur Goldthorpe, George Gosling, Thomas Grave, Arthur Green, Richard Greenaway, Thomas Griffiths, Walter Griffiths, Arthur Hadley, John Hardisty, Harold Hargett, John Harris, Ronald Harrison, John Hegan, William Higgins, Percy Hilton, Reg Hipkin, John Hogan, Jimmy Hooks (guested for Newry Town), Raymond Hope, Leonard Houghton, Richard Hughes, Illridge, Ronald James, Alan Jenkinson, Jennings, Charles Jones, Sylvester Jowett, William Jukes, Lawrence Kelly, Michael Kelly, Richard Kelly, Bobby King, Reginald Kirkham, Reginald Lambley, Thomas Larkin, Arthur Lees, Joseph Lees, Edward Levett, Harold Loverock, Teddy Maguire (guested for Crook Town), Marsen, John Marshall, Thomas Martin, Gerry McAloon, Thomas McGuinness, Alexander McIntosh (guested for Ashington & Newcastle United), Doug McMahon, Michael McNally, James Milne, John Morby, Kenneth Morgan, Bill Morris, Mousley, Jimmy Mullen (guested for Leicester City), John Murray, Jack Musk, Joseph Noon, Painter, John Park, Harold Parker, William Parker, John Parr, Eric Pell, Sid Plunkett, Edward Pope, Poulson, Power, Edward Ransom, Frank Rawcliffe, Reed, Oliver Reynolds, Rideway, Eric Robinson, John Robinson, Walter Robinson, Joseph Rooney, Leslie Rotherham, Peter Roughsedge, Round, Dennis Rowley, Leonard Sagar, John Sanderson, Robert Scott, Cyril Sidlow (guested for Leicester City & Notts County), Barney Singleton, Billy Skidmore, Jeffrey Smart, Leonard Smart, Arthur Smith (guested for Leicester City), Jack Smith, Walter Smith, Alf Somerfield, Terry Springthorpe, Stainsfield, Alan Steen, Ernie Stevenson, Bazil Stones, Summerfield, Albert Tame, Frank Taylor, William Teasdale, William Thomas, Dennis Thornhill (guested for Leicester City & Notts Countyt), Brian Timms, William Tommy, Tonny, Ben Turner, Leonard Turner, Frank Wade, Donald Walker, Henry Walters (I), Henry Walters (II), John Wardle, Thomas Wardle, Harry Waugh, Dennis Westcott (guested for Notts County), William Wheatley, Percy Worthington, Billy Wright (guested for Leicester City), Ray Wright, Reginald Wright, Ronald Yates.

Club Finances: In July 1940 Wolves announced loses of £17,717. It’s the biggest deficit of any Football League club since the war began. It is said in recent years Wolves have made more money than another club and over the previous thirteen seasons have made £67,000 in profits.
August 1940 saw AH Oakley resign as club Chairman due to business commitments. He’s replaced by B Matthews.
At the clubs annual meeting is was announced by Mr AH Oakley that the club was to ‘close down’ for the duration of the war. Despite the loss the club still has surplus of £56,782 and assets of £70,000. The club have 84 young players under 17 from all over the county ready to call on when football resumed.
The club also loaned the government an interest free £5,000 from cash in hand.
At the end of the season at the clubs annual meeting the club announce losses of £4,846.

During the Season AH Oakley had been elected junior vice-president at the Football League.