A rare player swap between two Premier League clubs has raised questions about how such deals are governed — and the financial rules they must satisfy.

Everton winger Dwight McNeil is set to move to Crystal Palace, while Palace forward Brennan Johnson will head in the opposite direction to join the Toffees. Exchanges like this are permitted in the transfer window, but they come with specific regulatory requirements.

Two transfers, one deal

Despite appearing to be a single transaction, the swap is treated legally and financially as two separate transfers. Both moves fall under the Premier League's squad cost ratio (SCR) regulations, meaning the valuations attached to each player carry real consequences for each club's financial standing.

Johnson cost Crystal Palace £35 million, and his assigned value in this swap will directly affect the Eagles' SCR calculations. To register as a neutral entry on Palace's books, he would need to be valued at around £30 million.

If his valuation falls short of that figure, Palace face recording a financial loss on the deal. When McNeil's proposed transfer to Selhurst Park collapsed in February, his valuation stood at £20 million. Should both players be priced equally at £20 million, that gap would represent a £10 million loss for Crystal Palace.

Fair market value checks apply

Every swap deal — like every standard transfer — must pass the Premier League's fair market value (FMV) checks. These checks were introduced in 2021 through regulations governing associated party transactions (APTs), designed to protect the financial stability, integrity, and competitive balance of the league.

Independent valuation firms assess each deal by examining factors such as a player's age, recent form, and comparable transfers in the market. Their findings inform — but do not determine — the final outcome. The Premier League retains the authority to make the definitive ruling on whether a deal meets FMV standards.

Swap deals remain a rarity in modern football, but as this case shows, they are far from a regulatory loophole. The same financial scrutiny applies, and clubs must ensure the numbers stack up before any agreement is confirmed.