In
| Player | Team | Date | Fee |
|---|---|---|---|
| Ted Common | Blyth Spartans | 7 January 1928 | £250 |
| Andy Kennedy | Arsenal | 12 January 1928 | £2,000 |
| Sammy Meston | Gillingham | 8 March 1928 | Exchange + £300 |
| George Martin | Hull City | 15 March 1928 | £1,750 |
| Emlyn Jones | Bournemouth | 22 March 1928 | £1,600 |
| Jimmy Stein | Dunfermline Athletic | 18 April 1928 | £1,400 |
| Jimmy Dunn | Hibernian | April 1928 | £5,000 |
| Total (initial fees only): | £12,300 | ||
- Sammy Meston (Gillingham) – Everton and Gillingham agreed an exchange deal where Everton received Sammy Meston and Gillingham received Art Dominy, Tommy Millington and £300.
- Jimmy Dunn (Hibernian) – Transfer completed around 20th April 1928.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Harold Moffat | Oldham Athletic | May 1927 | £200 |
| Duke Hamilton | Preston North End | 12 May 1927 | £100 |
| Jack Kendall | Preston North End | 12 May 1927 | £50 |
| Joe Peacock | Middlesbrough | 16 May 1927 | £500 (+£500 add-ons) |
| Fred Kennedy | Middlesbrough | 19 May 1927 | Undisclosed |
| Roland Woodhouse | Wrexham | 23 May 1927 | £250 |
| James Paterson | St Johnstone | 12 August 1927 | Free |
| Jock MacDonald | New Brighton | 24 August 1927 | £100 |
| David Reid | Distillery | February 1928 | Undisclosed |
| Bobby Irvine | Portsmouth | 6 March 1928 | £3,000 |
| Art Dominy Tommy Millington | Gillingham | 8 March 1928 | Exchange |
| Total (initial fees only): | £4,200 | ||
- Harold Moffat (Oldham Athletic) – Transfer completed around 4th May 1927.
- Fred Kennedy (Middlesbrough) – Everton placed a fee of £750 for Fred Kennedy but unknown if Middlesbrough met the fee.
- David Reid (Distillery) – Transfer completed around 23rd February 1928.
- Art Dominy and Tommy Millington (Gillingham) – Everton and Gillingham agreed an exchange deal where Everton received Sammy Meston and Gillingham received Art Dominy, Tommy Millington and £300.
| Income | £4,200 |
| Expenditure | £12,300 |
| Net Spend | +£8,100 |