(NEW YORK) — In an effort to decrease payroll, the Memphis Grizzlies have agreed to trade Mareese Speights, Wayne Ellington, and Josh Selby to the Cleveland Cavaliers for Jon Leur.
By agreeing to this trade, the Grizzlies will reduce their payroll in the short-term as well as long-term.
According to ESPN, the team will shed about $6 million to get under the luxury tax threshold. The team has a lot of money tied into players like Rudy Gay, Zach Randolph, and Marc Gasol. The team will owe those three players $50 million alone next season.
Speights is a serviceable big man who is in his fifth NBA season. In 14.5 minutes per game, Speights is averaging 6.6 points and 4.7 rebounds per game. Meanwhile, Ellington is averaging 5.5 points per game coming off the bench for Memphis. The second-year guard Selby is averaging just 2.0 points per game this season.
Leur, who is not expected to see much time on the court, is averaging 2.4 points per game.
Copyright 2013 ABC News Radio