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

• November 28, 1955

  Sold player rights to Jim Holstein to the Fort Wayne Pistons.

• December 16, 1955

  Acquired player rights to Johnny Horan from the Fort Wayne Pistons.

• April 30, 1956

  Drafted Jim Paxson in the 1st round (3rd pick) of the 1956 NBA Draft.

  Drafted Terry Rand in the 2nd round (11th pick) of the 1956 NBA Draft.

  Drafted Jerry Bird in the 3rd round (19th pick) of the 1956 NBA Draft.

  Drafted Lloyd Aubrey in the 4th round (27th pick) of the 1956 NBA Draft.

  Drafted Bill Reigel in the 5th round (35th pick) of the 1956 NBA Draft.

  Drafted Phil Jordon in the 6th round (43rd pick) of the 1956 NBA Draft.

  Drafted John Barber in the 7th round (51st pick) of the 1956 NBA Draft.

  Drafted Sam Jones in the 8th round (59th pick) of the 1956 NBA Draft.

  Drafted Jim Springer in the 9th round (66th pick) of the 1956 NBA Draft.

  Drafted Phil Grawemeyer in the 10th round (73rd pick) of the 1956 NBA Draft.

  Drafted Robert Hodgson in the 11th round (79th pick) of the 1956 NBA Draft.

  Drafted Carl Widseth in the 12th round (83rd pick) of the 1956 NBA Draft.

  Drafted John Patzwald in the 13th round (87th pick) of the 1956 NBA Draft.

  Drafted Elgin Baylor in the 14th round (91st pick) of the 1956 NBA Draft.