FA Charity Shield- Wednesday 19 October 1949 at Highbury (Att 35,140)

Wolves (0) 1 (Hancocks 65p): Parsons, Kelly, Springthorpe, Russell, Shorthouse, Crook, Hancocks, Smyth, Pye, Dunn, Mullen.
Portsmouth (1) 1 (Reid 31): Butler, Hindmarsh, Ferrier, Scoular, Thompson, Dickinson, Harries, Reid Clark, Barlow, Froggatt.

Referee: Mr A Blythe (Edmonton, London).
Penalty: Awarded for handball against Harry Ferrier.
Trophy: Wolves and Portsmouth held the Shield for second six months.