In
| Player | Team | Date | Fee |
|---|---|---|---|
| Harold Merritt | Leyland Motors | Summer 1937 | Amateur |
| Jack Davies | Chester | 7 July 1937 | £1,550 |
| Maurice Hill | Park Side | August 1937 | Amateur |
| Jack Prescott | Orrell | August 1937 | Amateur |
| Roy Felton | Free agent | 16 August 1937 | Free |
| Peter Dougal | Arsenal | 21 August 1937 | Free |
| Norman Greenhalgh | New Brighton | 28 January 1938 | £3,000 |
| Jack Prescott | Sedgeley Park | February 1938 | Amateur |
| Cecil Wyles | Peterborough United | 24 February 1938 | £150 (+£200 add-ons) |
| Wally Boyes | West Bromwich Albion | 25 February 1938 | £6,000 |
| Total (initial fees only): | £10,700 | ||
- Harold Merritt (Leyland Motors) – Signed professional forms in February 1938.
- Maurice Hill (Park Side) – SIgned professional forms on 13th May 1939.
- Jack Prescott (Orrell) – Signed professional forms in November 1938.
- Roy Felton (Free agent) – Released by Liverpool due to cartilage problems. Originally on trial.
- Jack Prescott (Sedgeley Park) – Signed professional forms in September 1938.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Eddie Tunney | Released | 2 May 1937 | |
| Tommy White | Released | 2 May 1937 | |
| Charlie Leyfield | Sheffield United | 5 May 1937 | £2,500 |
| Fred White | Sheffield United | 5 May 1937 | £50 |
| Frank King | Derby County | 8 May 1937 | £200 |
| Jackie Coulter | Grimsby Town | 14 October 1937 | £1,500 (+£500 add-ons) |
| Bill Hullett | Plymouth Argyle | 18 October 1937 | Free |
| Alfred Dickinson | Northampton Town | 27 October 1937 | £250 |
| Dixie Dean | Notts County | 11 March 1938 | £2,000 |
| Elie Hurel | Northampton Town | 13 April 1938 | £225 |
| Total (initial fees only): | £6,725 | ||
- Eddie Tunney (Released) – Eventually joined Wrexham ahead of the 1937/38 season.
- Tommy White (Released) – Eventually joined New Brighton on 23rd February 1938.
| Income | £6,725 |
| Expenditure | £10,700 |
| Net Spend | +£3,975 |