In
| Player | Team | Date | Fee |
|---|---|---|---|
| Dave Thomas | Queens Park Rangers | 18 August 1977 | £200,000 |
| George Wood | Blackpool | 18 August 1977 | £150,000 |
| Trevor Ross | Arsenal | 2 November 1977 | £170,000 |
| Gordon Taylor | Gartcosh United | May 1978 | Undisclosed |
| Total (initial fees only): | £520,000 | ||
- Gordon Taylor (Gartcosh United) – Transfer completed around 13th May 1978.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Brian Monaghan | Released | 1 July 1977 | |
| Dave Esser | Released | 1 July 1977 | |
| Bryan Hamilton | Millwall | 6 July 1977 | £15,000 |
| Mike Bernard | Oldham Athletic | 25 July 1977 | £6,000 |
| Ken McNaught | Aston Villa | 28 July 1977 | £200,000 |
| Dai Davies | Wrexham | 22 September 1977 | £8,000 |
| Ronnie Goodlass | NAC Breda | 11 October 1977 | £75,000 |
| Bruce Rioch | Derby County | 1 November 1977 | £150,000 |
| Steve Seargeant | Detroit Express | 15 February 1978 | £22,500 |
| Paul Lamont | East Stirlingshire | March 1978 | Undisclosed |
| Total (initial fees only): | £476,500 | ||
- Brian Monaghan (Released) – Eventually joined Melbourne-based team Slavia in 1977.
- Dave Esser (Released) – Eventually joined Rochdale ahead of the 1977/78 season.
- Paul Lamont (East Stirlingshire) – Transfer completed around 25th March 1978.
| Income | £476,500 |
| Expenditure | £520,000 |
| Net Spend | +£43,500 |