In
| Player | Team | Date | Fee |
|---|---|---|---|
| Joseph Yobo | Marseille | 23 May 2003 | £4,500,000 |
| Patrick Boyle | Livingston | July 2003 | Nominal |
| Patrizio Pascucci | Free agent | 11 August 2003 | Free |
| Li Tie | Liaoning Fushun | 12 August 2003 | Undisclosed |
| Francis Jeffers | Arsenal | 1 September 2003 | Loan to end of the season |
| James McFadden | Motherwell | 1 September 2003 | £1,250,000 |
| Kevin Kilbane | Sunderland | 1 September 2003 | £750,000 |
| Nigel Martyn | Leeds United | 1 September 2003 | £500,000 |
| Total (initial fees only): | £7,000,000 | ||
- Patrizio Pascucci (Free agent) – Released by Lazio. Originally on trial.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Alex Cole | Released | 1 July 2003 | |
| David Carney | Released | 1 July 2003 | |
| Franklyn Colbeck | Released | 1 July 2003 | |
| Martin Crowder | Released | 1 July 2003 | |
| Robert Southern | Released | 1 July 2003 | |
| Steven Beck | Released | 1 July 2003 | |
| George Pilkington | Port Vale | 1 July 2003 | Free |
| Kevin McLeod | Queens Park Rangers | 18 August 2003 | £250,000 |
| Paul Gerrard | Sheffield United | 29 August 2003 | 3-month loan |
| Mark Pembridge | Fulham | 1 September 2003 | £500,000 |
| Niclas Alexandersson | West Ham United | 12 September 2003 | 1-month loan |
| Steven Schumacher | Carlisle United | 31 October 2003 | 1-month loan |
| Nick Chadwick | Millwall | 27 November 2003 | 1-month loan (extended to 2 months) |
| Sean O'Hanlon | Swindon Town | 23 January 2004 | 1-month loan (extended to 2 months) |
| Leon Osman | Derby County | 26 January 2004 | 1-month loan (extended to 3 months) |
| Iain Turner | Chester City | 5 February 2004 | 1-month loan (extended to end of the season) |
| Peter Clarke | Coventry City | 13 February 2004 | 1-month loan |
| Steven Schumacher | Oldham Athletic | 3 March 2004 | 1-month loan |
| Scot Gemmill | Preston North End | 12 March 2004 | 1-month loan |
| Nick Chadwick | Millwall | 19 March 2004 | Loan to end of the season |
| Michael Symes | Crewe Alexandra | 25 March 2004 | 1-month loan (extended to end of the season) |
| Paul Gerrard | Nottingham Forest | 25 March 2004 | Loan to end of the season |
| Sean O'Hanlon | Swindon Town | 25 March 2004 | Free |
| Total (initial fees only): | £750,000 | ||
- Alex Cole (Released) – Did not join a new club until his death in a car accident on 18th July 2004. Trained with Wrexham and Macclesfield.
- David Carney (Released) – Eventually joined Oldham Athletic ahead of the 2003/04 season.
- Martin Crowder (Released) – Eventually joined Burscough ahead of the 2003/04 season.
- Robert Southern (Released) – Eventually joined Gateshead ahead of the 2003/04 season.
- Steven Beck (Released) – Eventually joined TNS ahead of the 2003/04 season.
- George Pilkington (Port Vale) – Deal agreed on 24th June 2003.
| Income | £750,000 |
| Expenditure | £7,000,000 |
| Net Spend | +£6,250,000 |