Saturday 23 January 1954 at Fratton Park (Att 35,321)

Portsmouth (1) 2 (Dickinson 10, Reid 63): Platt, Wilson, Mansell, Phillips, Dickinson, Harris, Gordon, Reid, Barnard, Henderson.
Wolves (0) 0: Williams, Short, Wright, Slater, Shorthouse, Flowers, Hancocks, Deeley, Swinbourne, Broadbent, Mullen.

Referee: Mr N Taylor (Westbury).
Position: 2nd.