Saturday 28 August 1948 at Burnden Park (Att 33,856)

Bolton Wanderers (0) 0: Hanson, Roberts, R Banks, Aspinall, Gillies, Murphy, Woodward, Dillon, Lofthouse, Bradley, Moir.
Wolves (1) 5 (Hancocks 36 62, Pye 72, Mullen 80 83): Williams, McLean, Springthorpe, W Crook, Shorthouse, Wright, Hancocks, Smyth, Pye, Forbes, Mullen.

Referee: Mr H Wright (Macclesfield).
Position: 7th.