Wolves won the match 1–0 thanks to an Andy Gray goal in the 67th minute.
As both League Cup and European Cup holders, Nottingham Forest had entered the match as clear favourites. Indeed, victory here would have given the club a hat trick of League Cup wins, and they would go on to retain the European Cup at the end of the season. By contrast, Wolves' last silverware had been their League Cup win six years earlier and they had finished a lowly 18th in the First Division in the previous campaign, whilst Forest had ended runners-up.
The second half started more evenly and Wolves were the first to get the ball into the net, as Richards and Carr bundled it in after Shilton had flapped at a cross, only for a foul to be awarded against Wolves. In the 67th minute, a long ball upfield by Daniel created confusion in the Forest defence, as Needham and Shilton collided with one another, leaving Gray with the simplest of chances to prod the ball into the empty net. Forest now pressed hard for the equaliser but were thwarted by the resilient mass of Wolves' defence, as they cleared the ball after several goalmouth scrambles. In a break from the Forest onslaught, Wolves almost extended their lead further when Berry hit the woodwork. Nonetheless, the Molineux men held on to upset the odds and claim their second League Cup triumph.
Round 2, 1st Leg: Blackburn Rovers 1–1 Nottingham Forest
Round 2, 2nd Leg: Nottingham Forest 6–1 Blackburn Rovers (Forest won 7–2 on aggregate)
Round 3: Middlesbrough 1–3 Nottingham Forest
Round 4: Bristol City 1–1 Nottingham Forest
Quarter-final: West Ham United 0–0 Nottingham Forest
Semi-final, 1st Leg: Nottingham Forest 1–0 Liverpool
Semi-final, 2nd Leg: Liverpool 1–1 Nottingham Forest
Round 2, 1st Leg: Burnley 1–1 Wolverhampton Wanderers
Round 2, 2nd Leg: Wolverhampton Wanderers 2–0 Burnley
Round 3: Crystal Palace 1–2 Wolverhampton Wanderers
Round 4: Queens Park Rangers 1–1 Wolverhampton Wanderers
Quarter-final: Grimsby Town 0–0 Wolverhampton Wanderers
Semi-final, 2nd Leg: Wolverhampton Wanderers 3–1 Swindon Town