In
| Player | Team | Date | Fee |
|---|---|---|---|
| Martin Keown | Aston Villa | 11 June 1989 | £750,000 |
| Mike Newell | Leicester City | 14 June 1989 | £850,000 |
| Stefan Rehn | Djurgardens | 27 June 1989 | £400,000 |
| Norman Whiteside | Manchester United | 26 July 1989 | £750,000 |
| Ray Atteveld | Haarlem | 26 July 1989 | £250,000 |
| Peter Beagrie | Stoke City | 27 October 1989 | £750,000 |
| Total (initial fees only): | £3,750,000 | ||
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Neil Adams | Oldham Athletic | 12 June 1989 | £100,000 |
| Jason Darkes | Released | 1 July 1989 | |
| Jimmy Carberry | Released | 1 July 1989 | |
| Leigh Cowlishaw | Released | 1 July 1989 | |
| Stuart Barton | Released | 1 July 1989 | |
| Stuart Jones | Released | 1 July 1989 | |
| Tony Ward | Released | 1 July 1989 | |
| Trevor Steven | Rangers | 1 July 1989 | £1,525,000 |
| Wayne Clarke | Leicester City | 27 July 1989 | £500,000 |
| Ian Wilson | Besiktas | 15 August 1989 | £150,000 |
| Paul Bracewell | Sunderland | 23 August 1989 | 1-month loan |
| Pat Van Den Hauwe | Tottenham Hotspur | 25 August 1989 | £575,000 |
| Darren Christian | Retired | September 1989 | |
| Paul Bracewell | Sunderland | 28 September 1989 | £250,000 |
| Eddie Youds | Cardiff City | 29 December 1989 | 1-month loan |
| Stefan Rehn | Gothenburg | 22 January 1990 | £400,000 |
| Eddie Youds | Wrexham | 8 February 1990 | 1-month loan (extended to end of the season) |
| Mike Stowell | Preston North End | 8 February 1990 | 1-month loan |
| Total (initial fees only): | £3,500,000 | ||
- Jason Darkes (Released) – Eventually joined Worcester City ahead of the 1989/90 season.
- Jimmy Carberry (Released) – Eventually joined Wigan Athletic ahead of the 1989/90 season.
- Leigh Cowlishaw (Released) – Eventually joined Burton Albion ahead of the 1989/90 season.
- Stuart Barton (Released) – Eventually joined Bamber Bridge.
- Stuart Jones (Released) – Eventually joined Mersey Royal in September 1989.
- Tony Ward (Released) – Eventually joined Wigan Athletic ahead of the 1989/90 season.
- Trevor Steven (Rangers) – Deal completed on 8th June 1989. Trevor Stevens remained an Everton player until his contract expired because Everton and Rangers could not agree on a fee - Rangers wanted to pay £1,000,000 but Everton wanted £2,000,000 - and a tribunal did not take place until 29th August 1989. The tribunal ruled that Rangers were to pay Everton £1,525,000.
- Darren Christian (Retired) – Retired due to injury problems.
| Income | £3,500,000 |
| Expenditure | £3,750,000 |
| Net Spend | +£250,000 |