Ray Warburton started his football career as an apprentice with Rotherham United, making 8 appearances before being released in the summer of 1989. After 4½ years with York City, in February 1994, he signed for Northampton Town. While with the Cobblers, "Razor" became team captain and led them to two successive play-off finals becoming a fans favourite. The decision to sell the central defender after making over 200 appearances did not go down well at Sixfields, but it didn't take him long to become the fans favourite with Diamonds. It was Brian Talbot who brought him to Nene Park on 1 November 1998 for a fee reported to be in the region of £35,000 and he scored on his debut in the FA Cup tie at Leatherhead. During his stay, he became captain and was instrumental in Diamonds promotion into the Football League, playing 44 games in the Championship winning season. Injury ruled him out of the last few games of that memorable season, but he was at Chester to lift the Conference Trophy.

He was plagued by injury the following season and only made one appearance, on a cold wet wintry night in Carlisle, before being released on 21 March 2002,. He joining Conference side Boston United and again, led the team into the Football League. He ended his playing days with a move to Aldershot Town in January 2003, before retiring from the game in the summer of 2005. He linked up with ex-team mate Jon Brady at Brackley Town in June 2009, taking on a role of coach for the Saints.