The season opened with four draws, which was ironic considering that McGrath stated that 'forwards are much more important now' after the Football League changed a win from earning two points to three points.[1] On 12 September, their club-record run of six consecutive draws came to an end. Four victories in five games put Vale into seventh place, and Colin Tartt was signed from Chesterfield for £15,000.[1] A 2–0 home defeat to Sheffield United in front of the television cameras was the first of a run of four defeats in five games and sent an injury-hit Vale down into mid-table.[1] In November, Lee Harwood was forced to retire with a knee injury.[1] On 28 November, Vale won 5–2 at home to Hartlepool United to go six games unbeaten and The Sentinel's Vale correspondent Chris Harper reported that Chamberlain had impressed the top-flight scouts in attendance and was "one of the most exciting 20 year olds in the league".[2] Vale then went on a fifteen-match unbeaten run in the league, and between 20 January and 6 March, the team went on a club-record six consecutive home draws.[1] Stoke City offered £100,000 plus incentives for Mark Chamberlain, but Chairman Don Ratcliffe called the offer 'an insult' and rejected it out of hand.[1] Instead Tony Sealy arrived on loan, this time from Queens Park Rangers.[1] On 6 February Mark Chamberlain scored a memorable goal at Field Mill when he stood off the pitch to avoid being caught offside, then returned to tackle a startled Rod Arnold and tap the ball into an empty net.[1]Mansfield TownmanagerStuart Boam was so enraged that the goal stood that he raced onto the pitch to abuse the linesman verbally.[1] In March, Johnny Miller had to retire with a knee injury.[1] On 20 March, Mark Harrison conceded 'a crazy goal' from Hull City left-back Dennis Booth at Boothferry Park, whose 50 yards (46 m) free kick hit the back of the net after several bounces.[1] Injuries hit the Vale squad and the promotion campaign faded away.[1] On 1 May, Vale Park witnessed its lowest-ever Football League attendance when a mere 1,924 turned up against York City.[1]
They finished in seventh place with seventy points, eighteen short of fourth-placed Bournemouth.[1] With nine away victories and twelve home draws, McGrath stated that "we blew it at Burslem".[1]Ernie Moss was the Player of the Year and top-scorer with seventeen goals; however, it was Mark Chamberlain who was selected in the PFAFourth Division team and received a cheque for £250 when he was chosen as The Star's best player of the division.[1]