Stoke now playing in the Second Division failed to mount a promotion challenge and finished in 10th place. However that was the least of Stoke's worries as financial problems dominated the season and ended with the club being put into liquidation and thus had to resign from the Football League. At long last local feeling was roused and attempts were made to raise £2,000 to take over the club, its buildings and remaining assets. Twelve local burghers stepped forward guided by Alfred Barker a former league referee and supporter of the club.

A new board of seven directors was formed and in June 1908 re-branded the club as Stoke Football Club (1908). Barker's impressive efforts led to Stoke being included for re-election but lost out to Tottenham Hotspur and their exit from the Football League was sealed. Barker placed Stoke in the Birmingham & District League for the 1908–09 season.

The 1907–08 season saw Stoke playing in the Second Division for the first time and they started their fixture programme disastrously, collecting just one point from their opening four games. They quickly dropped into the bottom two and although they picked up and eventually finished 10th, their highest spot throughout the campaign but generally it wasn't a good season at all. The Victoria Ground faithful witnessed only a few worthwhile performances, the best being a couple of 5–0 victories over Gainsborough Trinity and Grimsby Town and a 6–1 beating of Fulham. Newspaper reports described that win over Fulham as one of the best attacking displays by a Stoke side so far.

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