Deal sheet rules explained for Everton and Liverpool late transfer deals after deadline passes

As the clock ticks down on two months of frenzied transfer activity, deadline day has finally arrived for Liverpool and Everton.

The Reds have sanctioned a handful of loan exits on Friday while Everton are being linked with a last-gasp move for Newcastle United's Miguel Almiron. Premier League outfits have already splashed out more than £2billion on fresh talent this summer, a figure that could see a significant increase before the clock strikes 11 tonight.

Arsenal and Chelsea are two other clubs looking to tie up deals before the window slams shut. Given the amount of paperwork involved, transfers can take time to confirm, so clubs should have plenty of transfer deal sheets at the ready.

READ MORE: Liverpool deadline day LIVE

READ MORE: Everton deadline day LIVE

What is a transfer deal sheet?

It's an essential document for any club looking to seal a last-minute deal.

The document allows clubs to officially state that a deal has been struck before the transfer deadline expires. With some agreements being finalised at the eleventh hour, clubs often only have minutes to dispatch the necessary paperwork to validate a transfer.

Transfer deal sheets offer clubs a quick way to indicate that a deal has been agreed upon. Once the document is filled out and sent off, teams then have an additional two hours to wrap up the relevant paperwork.

The deal sheet must be handed in before the 11pm deadline, but it can't be used until two hours before the window closes (9pm). It also needs to be accepted before clubs are given an additional 120 minutes to finalise the transfer.

If they don't meet the two-hour deadline, the deal will be void. Transfer deal sheets simply outline which player is moving from which club to another, as well as the transfer or loan fee and any potential add-ons involved.

They were brought into the Premier League back in 2008 after several years of late deals falling through due to paperwork issues.