In
| Player | Team | Date | Fee |
|---|---|---|---|
| Gary Lineker | Leicester City | 22 June 1985 | £800,000 |
| Neil Pointon | Scunthorpe United | 6 November 1985 | £50,000 |
| Mike Stowell | Leyland Motors | December 1985 | Undisclosed |
| Kevin Steggles | Ipswich Town | 9 December 1985 | 1-month loan |
| Darrin Coyle | Linfield | 11 December 1985 | £20,000 (+£20,000 add-ons) |
| Peter Billing | South Liverpool | 15 January 1986 | Undisclosed |
| Warren Aspinall | Wigan Athletic | 28 January 1986 | £150,000 |
| Fred Barber | Darlington | 27 March 1986 | £50,000 |
| Pat Jennings | Tottenham Hotspur | 29 March 1986 | Non-Contract |
| Total (initial fees only): | £1,070,000 | ||
- Mike Stowell (Leyland Motors) – Transfer completed around 5th December 1985. Originally on trial.
- Peter Billing (South Liverpool) – Four-figure initial fee with undisclosed add-ons.
- Warren Aspinall (Wigan Athletic) – Undisclosed add-ons, possibly between £100,000 and £150,000.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Terry Curran | Huddersfield Town | 12 June 1985 | Free |
| Darren Hughes | Shrewsbury Town | 13 June 1985 | Free |
| Jim Arnold | Released | 1 July 1985 | |
| Neill Rimmer | Released | 1 July 1985 | |
| Andy Gray | Aston Villa | 10 July 1985 | £150,000 |
| John Morrissey | Wolverhampton Wanderers | August 1985 | Free |
| Rob Wakenshaw | Carlisle United | September 1985 | £25,000 |
| Ian Atkins | Ipswich Town | 26 September 1985 | 1-month loan |
| Ian Atkins | Ipswich Town | October 1985 | £100,000 |
| John Bailey | Newcastle United | 22 October 1985 | £80,000 |
| Warren Aspinall | Wigan Athletic | 28 January 1986 | Loan to end of the season |
| Bobby Mimms | Notts County | 13 March 1986 | 1-month loan [recalled] |
| Total (initial fees only): | £355,000 | ||
- Jim Arnold (Released) – Eventually joined Port Vale on a non-contract basis in August 1985.
- Neill Rimmer (Released) – Eventually joined Ipswich Town on 6th August 1985.
- John Morrissey (Wolverhampton Wanderers) – Transfer completed around 2nd August 1985. Possibly released.
- Rob Wakenshaw (Carlisle United) – Transfer completed around 10th September 1985.
- Ian Atkins (Ipswich Town) – Transfer completed around 10th October 1985.
- Bobby Mimms (Notts County) – Everton recalled Bobby Mimms 2 weeks into his month-long loan after Neville Southall was ruled out for the rest of the season after suffering an injury on international duty.
| Income | £355,000 |
| Expenditure | £1,070,000 |
| Net Spend | +£715,000 |