In
| Player | Team | Date | Fee |
|---|---|---|---|
| Tom Gardner | Liverpool | June 1947 | Free |
| Cyril Lello | Shrewsbury Town | 13 September 1947 | £2,500 |
| Cliff Pinchbeck | Scunthorpe & Lindsey United | 5 December 1947 | £1,000 (+£2,000 add-ons) |
| Tommy Clinton | Dundalk | 15 March 1948 | £2,000 |
| Total (initial fees only): | £5,500 | ||
Out
| Player | Team | Date | Fee |
|---|---|---|---|
| Archie Livingstone | Southport | June 1947 | £850 |
| Matt McPeake | Grimsby Town | June 1947 | £250 |
| Harold Finnis | Released | 1 July 1947 | |
| Jack Lyon | Macclesfield Town | July 1947 | £100 |
| Bob Hodgkiss | Southport | 26 July 1947 | £175 |
| Total (initial fees only): | £1,375 | ||
- Archie Livingstone (Southport) – Transfer completed around 14th June 1947.
- Matt McPeake (Grimsby Town) – Transfer completed around 14th June 1947.
- Harold Finnis (Released) – Never joined another club again.
- Jack Lyon (Macclesfield Town) – Transfer completed around 18th July 1947.
| Income | £1,375 |
| Expenditure | £5,500 |
| Net Spend | +£4,125 |