A rare player-for-player exchange has been agreed between two Premier League sides.
Everton winger Dwight McNeil is set to join Crystal Palace, while Eagles forward Brennan Johnson will move the other way to sign for the Toffees.
Although swaps are uncommon in transfer windows, they are allowed, provided they meet specific regulations.
In practice, the McNeil–Johnson exchange will be recorded as two separate transfers and factored into each club’s squad cost ratio (SCR) calculations.
For context: Palace paid £35m for Johnson. To be neutral in the SCR, his valuation in this deal would need to be around £30m. If he is valued below that, it affects the numbers. When McNeil’s switch to Selhurst Park collapsed in February, he was priced at £20m. If this is a straight swap and both players are booked at £20m, Palace would show a £10m loss.
All swap deals must also clear the Premier League’s fair market value (FMV) assessment.
Rules covering associated party transactions and FMV were brought in during 2021 to help protect financial stability, integrity, and competitive balance across the league.
Independent valuation firms are consulted to weigh factors like age, performance, and comparable transfers to judge whether a price reflects market value.
The Premier League ultimately decides whether a deal passes FMV checks.
Thanks to Alec in Wales for the question.
This update comes from BBC Sport’s Ask Me Anything team.