In
| Player | Team | Date | Fee |
|---|---|---|---|
| Jock MacDonald | Airdrieonians | 1 May 1920 | £2,200 |
| John Garrett | Halesowen | 10 May 1920 | £100 |
| David Reid | Distillery | 29 May 1920 | £1,500 |
| Ernie Salt | Talbot Stead | 1 November 1920 | £350 |
| John Blair | Northern Nomads | November 1920 | Amateur |
| Stan Fazackerley | Sheffield United | 6 November 1920 | £4,000 |
| Benjamin Howard Baker | Corinthians | November 1920 | Amateur |
| Andy Moffat | East Fife | 7 January 1921 | £475 |
| Frank Alford | Barrow | 27 January 1921 | £450 |
| Stan Davies | Preston North End | 31 January 1921 | £4,000 |
| Duggie Livingstone | Celtic | 18 April 1921 | £2,600 |
| Total (initial fees only): | £15,675 | ||
- John Blair (Northern Nomads) – Transfer completed around 5th November 1920.
- Benjamin Howard Baker (Corinthians) – Transfer completed around 22nd November 1920.
- Andy Moffat (East Fife) – Transfer completed around 6th January 1921.
- Frank Alford (Barrow) – Transfer completed around 26th January 1921.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Alfred Robinson | Released | 2 May 1920 | |
| Bert Rigsby | Released | 2 May 1920 | |
| Jock Maconnachie | Released | 2 May 1920 | |
| William Bromilow | Released | 2 May 1920 | |
| Billy Evans | Swansea Town | May 1920 | Free |
| Ernie Gault | Cardiff City | May 1920 | £500 |
| Jack Page | Cardiff City | May 1920 | £50 |
| Bill Wareing | Swindon Town | May 1920 | Free |
| Joe Donnachie | Blackpool | 11 June 1920 | Free |
| Jimmy Galt | Third Lanark | 1 October 1920 | Free |
| Joe Kearslake | Wigan United | 13 November 1920 | Undisclosed |
| Frank Mitchell | Liverpool | 4 February 1921 | £1,250 |
| Total (initial fees only): | £1,800 | ||
- Alfred Robinson (Released) – Eventually joined Tranmere Rovers in around 1921.
- Bert Rigsby (Released) – Eventually joined Swansea Town ahead of the 1920/21 season.
- Jock Maconnachie (Released) – Eventually joined Swindon Town in August 1920 following a brief spell as a coach in Sweden.
- William Bromilow (Released) – Eventually joined Oldham Athletic in July 1920.
- Billy Evans (Swansea Town) – Transfer completed around 7th May 1920.
- Ernie Gault (Cardiff City) – Transfer completed around 11th May 1920.
- Jack Page (Cardiff City) – Transfer completed around 11th May 1920.
- Bill Wareing (Swindon Town) – Transfer completed around 15th May 1920.
- Jimmy Galt (Third Lanark) – Galt was already at Third Lanark as a director.
| Income | £1,800 |
| Expenditure | £15,675 |
| Net Spend | +£13,875 |