Crystal Palace have completed a swap deal to send winger Brennan Johnson to Everton in exchange for midfielder Dwight McNeil with no money changing hands.
Johnson joined Palace in early January for £35 million, a fee that was the second-most expensive in club history behind Jorgen Strand Larsen. Around the same time, Palace agreed a £15 million deal to sign McNeil from Everton before pulling the plug at the 11th hour.
Seven months later, McNeil had one year remaining on his contract at Everton, while Johnson had four years left on his deal at Palace. In January, the players were valued at £15 million and £35 million respectively.
By completing the straight swap, Palace have acknowledged they overspent on Johnson in January. Trading him for a £15 million asset accepts a £20 million loss in cash-flow terms just seven months after signing him.
Financial terms and salary savings
Palace will use accounting mechanisms to limit the hit on their books, but the deal represents money the club will not see again. However, the move offloads Johnson's Palace salary, which was thought to be £125,000 a week, while McNeil is understood to earn significantly less, freeing up funds for Palace.
Johnson's move comes after a difficult seven months at Selhurst Park. The 25-year-old failed to score in 26 appearances for Palace after arriving in January, making little contribution despite winning the Conference League with the team.
Prior to joining Palace, Johnson experienced a sharp decline at Tottenham Hotspur under manager Thomas Frank. He had been Spurs' key player the previous season, scoring 18 goals in a campaign that culminated in him scoring the winning goal in the 2025 Europa League final.
Following the exit of Ange Postecoglou as Spurs boss, Johnson saw his minutes limited and was largely frozen out under Frank. He went from the highest point of his career to the lowest in a matter of months before seeking a fresh start at Palace in January.
Tactical fit and confidence issues at Selhurst Park
The move to Palace proved to be a mistake due to an incompatibility with the team's style of play. Johnson is an out-and-out winger who thrives when starting wide and making runs from the touchline to find space at the far post, which is his trademark move.
At Palace, Johnson was shoehorned into a narrow position as a No 10, a role he had no prior experience of playing. As a result, he rarely had the opportunity to showcase his strengths on the pitch.
Oliver Glasner, the Palace manager at the time, felt Johnson was putting too much pressure on himself. "I feel sometimes he puts himself under too much pressure so that he doesn't play with this freedom that maybe he should have," Glasner said in March. "He just should enjoy playing football because he's such a great player. He has all the skills. With freedom I think then he will be the best version of himself and have his best performances."
Johnson's confidence continued to fall as the season progressed. He missed a crucial penalty in Wales' World Cup qualification play-off against Bosnia in March, a setback from which he never recovered.
Training pitch support and underlying statistics
On the pitch, Johnson lacked conviction and self-belief. While he continued to try, he consistently lacked an end product, stopping short of delivering the final ball or finishing touch when reaching promising positions.
His underlying match statistics reflected his struggles at Palace. Johnson averaged just 1.72 dribbles per 90 minutes, recorded 3.08 touches in the opposition box per 90 minutes, and lost possession 13.12 times per 90 minutes.
Despite his poor form in matches, Johnson showed more during training sessions. Daily Mail Sport understands several Palace players wanted Johnson to remain at the club because they believed in his talent from glimpses on the training pitch and felt he simply needed reassurance.
However, members of the Palace hierarchy were unconvinced early on and feared they had misspent £35 million. Supporters also grew irritated by his lack of output as his goal drought continued.
Ahead of the Conference League final, Johnson spoke during a 17-minute interview. Five Palace players spoke to the press that day, but Johnson stayed significantly longer than his team-mates. He appeared optimistic and maintained that his move to Palace was the right decision despite four goalless months, though he was privately struggling with self-belief.
Move to Everton and David Moyes
By the summer, Palace accepted that Johnson was the wrong fit and decided to cut their losses, while Johnson was equally keen to seek a new challenge. Everton, who had been interested in January, moved to complete the deal.
Everton manager David Moyes has been a long-time admirer of Johnson, having tracked him since his time at Nottingham Forest and attempting to sign him while manager of West Ham. Everton were amazed by Palace's terms and negotiated a straight swap for McNeil, whom Everton had been prepared to sell for some time.
Both players are represented by the same agency, Unique Sports Group. Both clubs and Johnson felt it was best for him to move on to Merseyside.
At Everton, Johnson is expected to return to his familiar role on the right wing in a system that suits his strengths. Moyes has a history of managing struggling players, having rejuvenated Jack Grealish at Everton last season after a difficult period at Manchester City, as well as Jesse Lingard during his time at West Ham.
For Everton, the deal carries little risk beyond Johnson's high wages. Palace travel to face Everton on the opening day of the Premier League season, giving Johnson an immediate chance to play against his former club.
