Transactions listed are from July 1, 1997 to
June 30, 1998.
- July 30, 1997
Signed Stephen Howard as a free agent.
- August 11, 1997
Signed Aaron Williams as a free agent.
- September 24, 1997
Signed Jerome Kersey as a free agent.
- September 25, 1997
As part of a 3-team trade, the Seattle SuperSonics traded Shawn Kemp to the Cleveland Cavaliers; the Cleveland Cavaliers traded Terrell Brandon, Tyrone Hill and a 1998 1st round draft pick (Pat Garrity was later selected) to the Milwaukee Bucks; the Milwaukee Bucks traded Sherman Douglas to the Cleveland Cavaliers; and the Milwaukee Bucks traded Vin Baker to the Seattle SuperSonics.
- October 2, 1997
Signed Ed Stokes as a free agent.
Traded Greg Graham, Steve Scheffler, a 1998 2nd round draft pick (Ryan Bowen was later selected) and a 1999 2nd round draft pick (Francisco Elson was later selected) to the Denver Nuggets for Dale Ellis.
- October 7, 1997
Waived Mark Blount.
- October 9, 1997
Signed Greg Anthony as a free agent.
- October 15, 1997
Waived Ed Stokes.
- January 18, 1998
- March 9, 1998
Signed George Zidek to the first of two 10-day contracts.
- March 27, 1998
Waived George Zidek.
- May 26, 1998
Fired George Karl as Head Coach.
- June 17, 1998
Hired Paul Westphal as Head Coach.
- June 24, 1998
Drafted Vladimir Stepania in the 1st round (27th pick) of the 1998 NBA Draft.
Drafted Jelani McCoy in the 2nd round (33rd pick) of the 1998 NBA Draft.
Drafted Rashard Lewis in the 2nd round (32nd pick) of the 1998 NBA Draft.