What are the rules on transfer window player swaps?

A transfer window deal involving Premier League clubs Everton and Crystal Palace has emerged, with Everton winger Dwight McNeil set to move to Crystal Palace and Eagles forward Brennan Johnson joining Everton. Such player swaps between clubs are not uncommon, but they are subject to certain rules. The swap of McNeil and Johnson will be treated as two separate transactions, requiring consideration under the Premier League's squad cost ratio (SCR) regulations.

For instance, Johnson was valued at £35m by Palace, and if his valuation for the McNeil deal is around £30m, it would result in a neutral transaction on the club's accounts. Similarly, McNeil's valuation for the proposed move to Crystal Palace dropped from £20m to £20m, which would represent a £10m loss for Palace if the swap deal is indeed a true exchange of players valued at £20m each.

All swap deals must also undergo fair market value (FMV) checks by the Premier League, which introduced such regulations in 2021 to ensure financial stability, integrity, and competitive balance within the league. Independent valuation companies assess factors like a player's age, performance level, and compare the deal to similar transactions involving other players to determine if it aligns with market value. Ultimately, the Premier League has the final say on whether the deal passes FMV checks.