The swap involves two Premier League wingers changing clubs. Everton wideman Dwight McNeil is set to move to Crystal Palace, while the Eagles’ attacker Brennan Johnson will head to Merseyside to sign for the Toffees.
While exchanges of this kind between top-flight teams happen only very occasionally, the practice is allowed under Football Association rules, though specific regulations apply.
The McNeil-Johnson swap will effectively count as two distinct transfer transactions and will factor into calculations under the Premier League’s squad cost ratio requirements.
Johnson commanded a fee of £35m when Palace signed him, and his valuation in the McNeil exchange would influence the Eagles’ squad cost ratio figures. He would need to be priced at approximately £30m for the transaction to register as balance-neutral in the club’s financial records.
What happens if his valuation falls below that amount?
When McNeil’s proposed transfer to Selhurst Park collapsed in February, he was assessed at £20m. If this represents a genuine direct swap and both players are valued at £20m, Palace would record a £10m deficit on the deal.
All exchange agreements must also satisfy the Premier League’s fair market value assessment process.
Rules concerning associated party transactions and fair market value were initially introduced in 2021 with the aim of providing a robust mechanism to safeguard the financial stability, integrity and competitive balance within the Premier League.
Independent valuation specialists will examine player attributes and market comparisons to determine appropriate pricing. The Premier League maintains final authority on approving whether transactions meet fair market value requirements.