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Done Deal: Cavaliers complete 3-way trade for cap space, awaiting decision by LeBron James

  • APTOPIX Free Agency LeBron Basketball-1.jpg

    Lebron James smiles during the Lebron James Skills Academy Wednesday, July 9, 2014, in Las Vegas. Pat Riley made his pitch. And now, LeBron James wants time to think The Miami Heat president met with the four-time NBA MVP in Las Vegas, two people familiar with the situation told The Associated Press. James, his agent Rich Paul, Riley and Heat executive Andy Elisburg were at the meeting, said one of the people. (AP Photo/John Locher) (The Associated Press)

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    FILE - In this Jan. 7, 2014 file photo, Cleveland Cavaliers' Tyler Zeller (40) dunks the ball against the Philadelphia 76ers during an NBA basketball game in Cleveland. A person familiar with the deals says the Cavaliers have agreed to trade guard Jarrett Jack, swingman Sergey Karasev and center Tyler Zeller, moves that can help their pursuit of LeBron James by clearing salary cap space. The Cavs have agreements with the Brooklyn Nets and Boston Celtics, according to the person who spoke Wednesday, July 9, 2014, to The Associated Press. The person spoke on condition of anonymity because teams are not permitted to discuss any trades until the league's moratorium ends Thursday. (AP Photo/Tony Dejak, File) (The Associated Press)

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    FILE - In this Jan. 7, 2014 file photo, Cleveland Cavaliers' Sergey Karasev (10), from Russia, passes the ball against James Anderson during an NBA basketball game in Cleveland. A person familiar with the deals says the Cavaliers have agreed to trade guard Jarrett Jack, swingman Sergey Karasev and center Tyler Zeller, moves that can help their pursuit of LeBron James by clearing salary cap space. The Cavs have agreements with the Brooklyn Nets and Boston Celtics, according to the person who spoke Wednesday, July 9, 2014, to The Associated Press. The person spoke on condition of anonymity because teams are not permitted to discuss any trades until the league's moratorium ends Thursday.(AP Photo/Tony Dejak) (The Associated Press)

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    FILE - In this Dec. 28, 2013 file photo, Cleveland Cavaliers' Jarrett Jack (1) drives past Boston Celtics' Phil Pressey (26) in the second quarter of an NBA basketball game in Boston. A person familiar with the deals says the Cavaliers have agreed to trade Jack, swingman Sergey Karasev and center Tyler Zeller, moves that can help their pursuit of LeBron James by clearing salary cap space. The Cavs have agreements with the Brooklyn Nets and Boston Celtics, according to the person who spoke Wednesday, July 9, 2014, to The Associated Press. The person spoke on condition of anonymity because teams are not permitted to discuss any trades until the league's moratorium ends Thursday. (AP Photo/Michael Dwyer, File) (The Associated Press)

The three-team trade that gave the Cavaliers salary cap space to possibly land LeBron James is official.

The Cavs and Boston Celtics confirmed the deal on Thursday when the NBA moratorium on signings ended.

Cleveland sent guard Jarrett Jack and swingman Sergey Karasev to Brooklyn and center Tyler Zeller and a first-round draft pick to Boston. Cleveland acquired a future conditional second-round pick from the Celtics and the draft rights to forwards Ilkan Karaman and Edin Bavcic from the Nets. The Celtics will get guard Marcus Thornton — and his expiring $8 million contract — from the Nets.

The deal, first reported on Wednesday, is designed to give the Cavs enough room under the salary cap to offer James, the four-time league MVP, a maximum contract ($20.7 million).