In
| Player | Team | Date | Fee |
|---|---|---|---|
| Wally Fielding | Charlton Athletic | 7 September 1945 | Free |
| Tommy Elliott | Maryhill Harp | 26 October 1945 | £75 |
| Syd Rawlings | Millwall | 1 November 1945 | £2,000 |
| Ted Falder | Wigan Athletic | 22 December 1945 | Free |
| Bart Purvis | North Shields | January 1946 | £50 (+£100 add-ons) |
| Billy Higgins | Free agent | 11 March 1946 | Free |
| John McIlhatton | Albion Rovers | 24 April 1946 | £5,000 |
| Total (initial fees only): | £7,125 | ||
- Bart Purvis (North Shields) – Transfer completed around 25th January 1946.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Charlie Gee | Released | 6 May 1945 | |
| Jock Thomson | Released | 6 May 1945 | |
| Cliff Britton | Burnley | 16 May 1945 | |
| Martin McDonnell | Earlestown | 7 September 1945 | Free |
| Billy Cook | Wrexham | 6 October 1945 | Free |
| Cecil Wyles | Blackburn Rovers | 24 October 1945 | £500 |
| George Milligan | Released | 1 November 1945 | |
| Tommy Lawton | Chelsea | 8 November 1945 | £11,500 |
| James Caskie Torry Gillick | Rangers | 24 November 1945 | £5,500 |
| Jack Jones | Sunderland | 20 December 1945 | £500 |
| Arthur Barber | Released | February 1946 | |
| Total (initial fees only): | £18,000 | ||
- Charlie Gee (Released) – Gee was on the retained list for the 1945/46 season before being removed. Likely to have retired.
- Jock Thomson (Released) – Thomson was on the retained list for the 1945/46 season before being removed. Likely to have retired.
- George Milligan (Released) – Released due to varicose vein trouble. Eventually retired.
| Income | £18,000 |
| Expenditure | £7,125 |
| Net Spend | -£10,875 |