Transactions listed are from July 1, 1955 to June 30, 1956

• Unknown Date

  Signed Alex Hannum as a free agent.

• September 30, 1955

  Traded Monk Meineke to the Rochester Royals for Odie Spears.

• November 28, 1955

  Acquired player rights to Jim Holstein from the Minneapolis Lakers.

• December 16, 1955

  Sold player rights to Johnny Horan to the Minneapolis Lakers.

• January ?, 1956

  Signed Chuck Cooper as a free agent.

• April 30, 1956

  Drafted Ron Sobie in the 1st round (7th pick) of the 1956 NBA Draft.

  Drafted Bob Kessler in the 2nd round (15th pick) of the 1956 NBA Draft.

  Drafted Bill Thieben in the 3rd round (23rd pick) of the 1956 NBA Draft.

  Drafted Charles Slack in the 4th round (31st pick) of the 1956 NBA Draft.

  Drafted Joe Liebler in the 5th round (39th pick) of the 1956 NBA Draft.

  Drafted Paul Schlimm in the 6th round (47th pick) of the 1956 NBA Draft.

  Drafted Bruce Harris in the 7th round (55th pick) of the 1956 NBA Draft.

  Traded Ron Sobie to the New York Knicks for Gene Shue.