| Team | Player | Action | Date |
|---|---|---|---|
| Seagulls | Clarence Weatherspoon | Signed (From Sixers) | 4/7/97 |
| Seagulls | Bryant Reeves | Traded to Crusaders | 4/7/97 |
| Seagulls | Juwan Howard | Traded to Crusaders | 4/7/97 |
| Crusaders | Allen Iverson | Traded to Seagulls | 4/7/97 |
| Crusaders | Derrick Coleman | Released | 4/7/97 |
| Seagulls | Stephon Marbury | Traded to Kings | 1/7/97 |
| Seagulls | 1st round pick (3rd Overall) | Traded to Kings | 1/7/97 |
| Kings | Juwan Howard | Traded to Seagulls | 1/7/97 |
| Kings | 1st round pick (8th overall) | Traded To Seagulls | 1/7/97 |