Saturday 4 December 1954 at Molineux (Att 32,095)

Wolves (1) 3 (Broadbent 16, Swinbourne 75, Hancocks 84p): Williams, Stuart, Shorthouse, Slater, Wright, Flowers, Hancocks, Broadbent, Swinbourne, Wilshaw, Smith.
Chelsea (1) 4 (McNichol 15, Bentley 52 86, Stubbs 85): Robertson, Harris, Willemse, Armstrong, Greenwood, Saunders, Parsons, McNichol, Bentley, Stubbs, Blunstone.

Referee: Mr J Malcolm (Leicester).
Order of Goals: c,W,c,W,W,c,c.
Penalty: Awarded for a trip by John Harris.
Position: 1st.