Transactions listed are from July 1, 2004 to
June 30, 2005.
- July 14, 2004
Signed Rafer Alston as a free agent.
- August 18, 2004
Signed Loren Woods as a free agent.
- December 17, 2004
Traded Vince Carter to the New Jersey Nets for Alonzo Mourning, Aaron Williams, Eric Williams, a 2005 1st round draft pick (Joey Graham was later selected) and a 2006 1st round draft pick (Renaldo Balkman was later selected).
- February 11, 2005
Waived Alonzo Mourning.
- April 9, 2005
Signed Omar Cook to a 10-day contract.
- June 28, 2005
Drafted Charlie Villanueva in the 1st round (7th pick) of the 2005 NBA Draft.
Drafted Joey Graham in the 1st round (16th pick) of the 2005 NBA Draft.
Drafted Roko Ukic in the 2nd round (41st pick) of the 2005 NBA Draft.
Drafted Uros Slokar in the 2nd round (58th pick) of the 2005 NBA Draft.