In
| Player | Team | Date | Fee |
|---|---|---|---|
| Jack Fryer | Helsby Athletic | May 1931 | Free |
| Bill Archer | Walsall | 8 May 1931 | £750 |
| Philip Griffiths | Port Vale | 20 May 1931 | £3,000 |
| George Holdcroft | Darlington | 13 August 1931 | £1,000 |
| Gordon Reed | Spennymoor United | 23 September 1931 | £250 |
| Robert Birtley | Crook Town | 28 October 1931 | Free |
| Jack Jones | Ellesmere Port Town | 7 January 1932 | Amateur |
| George Turner | Luton Town | 15 March 1932 | £1,000 |
| Total (initial fees only): | £6,000 | ||
- Jack Fryer (Helsby Athletic) – Originally on trial.
- Jack Jones (Ellesmere Port Town) – Signed professional forms on 9th May 1932.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| George Cook | Tranmere Rovers | 5 May 1931 | £200 |
| Tom Griffiths | Bolton Wanderers | 16 December 1931 | £6,500 |
| George Jackson | Marine | January 1932 | Loan to end of the season |
| Gordon Reed | Bristol City | 26 April 1932 | Free |
| Total (initial fees only): | £6,700 | ||
| Income | £6,700 |
| Expenditure | £6,000 |
| Net Spend | -£700 |