In what may seem like a lost art, Everton and Crystal Palace have announced the signings of Brennan Johnson and Dwight McNeil in a direct player swap, sending Johnson to Everton and McNeil to Crystal Palace on four-year contracts.
After a difficult start to life at Selhurst Park, the 25-year-old Wales international winger Brennan Johnson joined Everton, and McNeil moved to Crystal Palace six months after his move to Selhurst fell through because the paperwork was not completed in time.
This represents the first direct player swap in the Premier League since the Alexis Sánchez and Henrikh Mkhitaryan straight swap between Arsenal and Manchester United in 2018, and the first in Europe’s top five leagues since the Arthur Melo and Miralem Pjanić swap between Barcelona and Juventus in 2020.
But how does a direct player swap work, and why has it become so rare?
How Does a Direct Player Swap Work?
A direct player swap involves two separate transfers disguised as one transaction because both transfers are contingent upon each other. If one transfer fails, or one agent cannot agree on contract terms, the entire deal collapses.
Therefore, for there to be a direct player swap, both clubs must agree on the market valuation of each player, while both players must also agree to the transfers, which is more difficult than most people imagine.
Direct Player Swaps and Separate Transfers: Is there any difference?
While both transfers can be treated as the same thing, in reality, they are different.This distinction lies mostly in the substance of the transfer rather than its form, as two players moving in opposite directions between the same two clubs can look identical from the outside. But on closer look, the mechanisms and motives are different with the latter becoming the common means for navigating financial fair play rules.
For example, during the summer of 2024, Everton and Aston Villa completed transfers involving Tim Iroegbunam and Lewis Dobbin moving in opposite directions for reported fees of around £9 million each. Aston Villa and Chelsea did something similar. Chelsea sold Ian Maatsen to Villa for £37.5 million, while Omari Kellyman moved from Villa to Chelsea for £19 million.
Famous Examples of Direct Player Swaps
1. Alexis Sánchez and Henrikh Mkhitaryan (2018)
In January 2018, Arsenal and Manchester United completed a direct swap that sent Alexis Sánchez to Manchester United and Henrikh Mkhitaryan to Arsenal.
Sánchez spent a year at Old Trafford before joining Inter Milan on loan in 2019 and permanently in 2020, scoring five goals in 45 appearances for Manchester United. Meanwhile, Mkhitaryan scored nine goals in 59 appearances for Arsenal and reached the 2019 UEFA Europa League final before joining Roma on loan. His Arsenal contract was terminated by mutual consent in 2020, allowing him to join Roma permanently.
Both players eventually became teammates at Inter Milan, where they won the 2023/24 Serie A title together.
2. Miralem Pjanić and Arthur Melo (2020)
The Miralem Pjanić and Arthur Melo deal was more technical than a normal straight swap, as it involved two separate transfers, even though both transfers were contingent upon each other and concluded at the same time like a direct player swap. In June 2020, Barcelona and Juventus agreed deals that sent Miralem Pjanić to Barcelona and Arthur Melo to Juventus. Juventus valued Arthur’s transfer at €72 million plus bonuses, while Pjanić moved for €60 million plus bonuses.
After one season at Barcelona, where he won the 2020/21 Copa del Rey, Pjanić was on loan to Beşiktaş the following season before joining Sharjah on a permanent transfer in 2022. Meanwhile, Arthur scored one goal in 63 appearances for Juventus, winning the Coppa Italia and Supercoppa Italiana, and spent the rest on loan, including spells at Liverpool and Fiorentina.
3. Ashley Cole and William Gallas (2006)
On deadline day in August 2006, Chelsea signed Ashley Cole from Arsenal, with William Gallas moving in the opposite direction and Chelsea paying an additional £5 million as part of the agreement.
Cole went on to become one of Chelsea’s most decorated defenders, making 338 appearances and scoring seven goals, winning the Champions League, Premier League, Europa League, four FA Cups, and the League Cup before leaving upon the expiry of his contract in 2014. Gallas, meanwhile, became Arsenal captain, scoring 17 goals in 142 appearances before joining arch-rivals Tottenham Hotspur on a free transfer in 2010
4. Zlatan Ibrahimović and Samuel Eto’o (2009)
In July 2009, Barcelona signed Zlatan Ibrahimović from Inter Milan, with Samuel Eto’o moving in the opposite direction and Barcelona paying Inter €46 million as part of the transaction.
Eto’o scored 53 goals in 102 appearances for Inter and immediately helped the club win the historic 2009/10 treble of Serie A, becoming the first—and only— player to win back-to-back trebles with two different clubs. He also won another Coppa Italia before joining Anzhi Makhachkala in 2011.
Ibrahimović, meanwhile, scored 22 goals in 46 appearances for Barcelona, winning La Liga, the Spanish Super Cup, UEFA Super Cup and FIFA Club World Cup. He joined AC Milan on loan after a year, when his relationship with Pep Guardiola deteriorated, and completed a permanent move in 2011.
5. Jermain Defoe and Bobby Zamora (2004)
Tottenham signed Jermain Defoe from West Ham on transfer deadline day in February 2004, with Bobby Zamora moving in the opposite direction plus an initial £6 million, rising to £7 million.
Defoe went on to score 143 goals in 363 appearances for Spurs over two spells, making him the club’s seventh-highest scorer. Meanwhile, Zamora helped West Ham win promotion back to the Premier League through the 2005 play-offs, scoring the winning goal in the final against Preston. He remained at West Ham until 2008 before joining Fulham.
Why Are Direct Player Swaps So Rare?
For many supporters, a direct player swap seems straightforward, almost like a trade by barter where both parties get what they need and walk away satisfied. The rumoured Arsenal and Atlético Madrid saga is a fitting example: why not simply offer Viktor Gyökeres plus cash for Julián Álvarez and create a win-win situation?
The truth is, a lot more went on before that official announcement than you realise and you can have a snippet of what happens behind the scenes of a football transfer here.
For agents and sporting directors, however, player swaps are more complicated, due to different layers it has.
“I’ve made suggestions about (swap deals) loads of times. But the reality of it is, 99 times out of 100, they are too complicated and there’s too many variables for them to actually gain much traction. If you’ve got two players on £40,000 a week with a year left (on their contracts), you’d think, ‘This is simple’, but it’s not if one of them is 28 years old and one is 22. Every player has an individual asset value, so it is tough.”—a leading agent tells The Athletic.
Here are the major reasons why direct player swaps have become so rare:
i. Valuation of players
One of the major hurdles is the valuation of the players as every club believes its own player is worth more than the other. Dick Law, Arsenal’s transfer negotiator, who oversaw the Sánchez-Mkhitaryan deal, said;
“Every owner thinks their pony is the prettiest one at the fair.”—Dick Law.
Reconciling the valuation of two players and ensuring both clubs feel they have got the better end of the deal is difficult, given the number of factors at play, including the age of the players, their market value, and the length of their remaining contracts.
ii. Dual consent of both players
Normally, it’s hard enough to get one player to move, let alone two in the same deal. For the Alexis Sánchez and Henrikh Mkhitaryan deal, it was easier because Arsenal had previously wanted Mkhitaryan before Manchester United beat them to his signature from Borussia Dortmund in 2016. For Alexis Sánchez, his childhood dream came true.
“I always said as a kid that I’d like to play for United and I once spoke to Sir Alex Ferguson about it”—Alexis Sánchez.
This is also applicable to the McNeil-Johnson swap deal. McNeil was due to move to Crystal Palace on deadline day in the January transfer window before the deal broke down. Meanwhile, Everton offers a fresh start for Johnson, who failed to find the back of the net in 26 appearances for Crystal Palace.
iii. Player negotiations & Agents’ commissions
Contract length, wages, bonuses, sign-on fees, and release clauses must all be negotiated separately for both players. Agent commissions add another layer of complexity, as the fees payable to each agent cannot be the same. Reflecting on the Sánchez-Mkhitaryan deal, Dick Law remarked:
“We were astounded when we heard what United paid the player and paid the agent.”
iv. The success rate of direct player swaps.
The poor success rate of direct player swaps is another reason why swap deals are not particularly common, as there are not many examples of win-win situations for both parties. While these deals are often celebrated as “win-win” at the time of completion, history suggests otherwise, with Alexis Sánchez and Henrikh Mkhitaryan being prime examples.
Ashley Cole and William Gallas, as well as Zlatan Ibrahimović and Samuel Eto’o, could arguably be regarded as some of the most successful player swaps in football history. However, the answer depends on which club is asked, as only one party appeared to come out as the clear winner in both transfers.
Final Thoughts
The McNeil-Johnson deal brings back the nostalgia of a direct player swap, something that has almost disappeared from the Premier League since Alexis Sánchez and Henrikh Mkhitaryan moved in opposite directions in 2018.
For both players, it represents a fresh start. McNeil gets his desired move to London after falling down the pecking order at Everton, while Johnson gets the opportunity to reset after struggling for form at Crystal Palace, having previously been pivotal in Nottingham Forest’s promotion and Tottenham’s 2024/25 European campaign.
If both players can rediscover their best form, the McNeil-Johnson swap may yet go down as one of the rare examples of successful direct player swap deals in football transfer.
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