EFL League Two Transfer Record

League Two has never been awash with multi-million pound deals, but the division has witnessed a number of teams boasting healthy transfer budgets in recent years.

A large bulk of League Two transfers are kept undisclosed, but for the deals that have been made public, we've compiled a list of the most expensive signings in the fourth tier.

5) Lionel Ainsworth - £360k

Huddersfield -> Shrewsbury (2010)

Lionel Ainsworth had appeared for seven different clubs in four years when Shrewsbury Town agreed a deal to sign the winger from Huddersfield Town.

Ainsworth had previously worked with Shrews boss Graham Turner at Hereford and enjoyed a fruitful stint in Shropshire, netting his first career hat-trick and helping the team to a major League Cup upset over Premier League Swansea City.

4) Joe Lewis - £500k

Norwich -> Peterborough (2008)

After a successful loan stint with Morecambe, Peterborough dug deep into their transfer funds to prise Joe Lewis from Norwich City.

The goalkeeper was a hit at London Road, helping the Posh to achieve promotion in his first season and making 190 appearances for the club before a switch to Cardiff City in 2012.

3) Shwan Jalal - £640k

Woking -> Peterborough (2007)

Lewis' predecessor was Shwan Jalal, who endured an ill-fated spell at London Road.

Peterborough were splashing the cash in the 2007 January window and Jalal was one of their marquee signings from non-league Woking.

The Baghdad-born goalkeeper only made eight appearances for the Posh and handed in a transfer request 12 months later, joining Bournemouth in the summer of 2008.

2) Aaron Collins - £800,000

Bolton Wanderers -> MK Dons (2025)

A statement signing to show the intentions of the Kuwait-based consortium that have taken over from former owner Pete Winkleman, MK Dons sent shockwaves through League Two in June 2025 as they announced the signing of striker Aaron Collins from Bolton Wanderers.

The 28-year-old had not been expected to drop down a division after being directly involved in 16 goals during the 2024/25 League One campaign, but the striker made the move and is expected to play a big part in a promotion push.

1) Kasper Schmeichel - £1.49m

Manchester City -> Notts County (2009)

In a whirlwind period for the East Midlands club, Kasper Schmeichel was the first big-money signing of the Sven-Goran Eriksson era as they lured him from Manchester City for a club record fee.

The Danish goalkeeper helped the Magpies to achieve promotion in his first season but with the club in financial jeopardy, Schmeichel agreed to forgo all of his future wages and signed for Leeds United on a free transfer.