In
| Player | Team | Date | Fee |
|---|---|---|---|
| Johnny McGourty | Partick Thistle | 6 May 1932 | £3,300 |
| Leo Stevens | New Brighton | 9 June 1932 | £500 |
| Joe Mercer | Ellesmere Port Town | 22 September 1932 | Free |
| Albert Geldard | Bradford Park Avenue | 14 November 1932 | £4,000 |
| Billy Cook | Celtic | 30 December 1932 | £5,050 |
| Gordon Watson | Blyth Spartans | 7 January 1933 | £200 |
| Johnny Watson | Blyth Spartans | 7 January 1933 | Free |
| Total (initial fees only): | £13,050 | ||
- Joe Mercer (Ellesmere Port Town) – Originally on trial.
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Arthur Rigby George Martin | Middlesbrough | 6 May 1932 | £1,800 |
| Joe Lloyd | Swansea Town | August 1932 | Free |
| George Holdcroft Harry Lowe | Preston North End | 21 December 1932 | £1,800 |
| Total (initial fees only): | £3,600 | ||
- Joe Lloyd (Swansea Town) – Transfer completed around 13th August 1932.
| Income | £3,600 |
| Expenditure | £13,050 |
| Net Spend | +£9,450 |