What are the rules on transfer window player swaps?

What the report says

BBC Sport says a rare Premier League player swap has been agreed, with Everton winger Dwight McNeil set to move to Crystal Palace and Palace forward Brennan Johnson heading in the opposite direction. The article explains that while swap deals are unusual, they are allowed in principle and must still comply with league rules.

The key point is that the exchange would be recorded as two separate transfers rather than one combined transaction. That means each player has to be valued for financial-regulation purposes, including the Premier League’s squad cost ratio (SCR) calculations. BBC Sport notes that the estimated valuation of Johnson and McNeil could affect how each club’s accounts are treated, with the swap only neutral if the values balance closely enough.

The piece also says any swap must pass the Premier League’s fair market value checks. Those rules, introduced in 2021 alongside associated party transaction oversight, are intended to protect the league’s financial stability, integrity and competitive balance. External valuation firms may examine factors such as age, performance and comparable transfers before the Premier League makes the final decision.

The article is framed as an explainer in BBC Sport’s Ask Me Anything series, giving context on why such deals are uncommon and how clubs must justify them under modern financial regulations.