Two Premier League clubs have reached an agreement on an uncommon player-exchange deal.
Everton winger Dwight McNeil is set to move to Crystal Palace, while Eagles forward Brennan Johnson is expected to head in the opposite direction and join the Toffees.
Although player swaps between clubs are rare during transfer windows, they are allowed as long as the relevant regulations are followed.
The exchange involving McNeil and Johnson will officially be recorded as two individual transfers and considered under the Premier League’s squad cost ratio (SCR) rules.
Johnson, for instance, joined Palace for £35m, so the value assigned to him in the McNeil transaction will influence the Eagles’ SCR figures. A valuation of roughly £30m would be required for the deal to have a neutral effect on their accounts.
However, the accounting outcome would change if his valuation were lower.
McNeil was valued at £20m when his planned transfer to Selhurst Park collapsed in February. If both players receive that same valuation in a direct exchange, Palace would record a £10m loss.
Every player-swap agreement must also satisfy the Premier League’s fair market value (FMV) assessment.
Rules covering associated party transactions (APTs) and FMV were introduced in 2021 to establish a strong framework protecting the league’s financial stability, integrity and competitive balance.
Independent valuation firms will consider details such as a player’s age and level of performance, while also comparing the transaction with similar player deals to establish whether its stated value reflects the market.
The Premier League will ultimately decide whether the proposed exchange meets its FMV requirements.
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