In
| Player | Team | Date | Fee |
|---|---|---|---|
| None | |||
| Total (initial fees only): | £0 | ||
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Gogie Stewart | Released | May 1954 | |
| Joe Easthope | Stockport County | 14 June 1954 | £550 |
| John Anderton | Torquay United | July 1954 | Undisclosed |
| Dave Gibson | Swindon Town | 12 November 1954 | Free |
| Tommy Clinton | Blackburn Rovers | 1 April 1955 | Free (+£3,000 add-ons) |
| Total (initial fees only): | £550 | ||
- Gogie Stewart (Released) – Stewart was on Everton's retained list but he decided to return to Canada. Left England on 28th May 1954 and joined lacrosse team Nanaimo Native Sons the following month.
| Income | £550 |
| Expenditure | £0 |
| Net Spend | -£550 |