MEMPHIS, Tenn. (AP) — The Memphis Grizzlies have agreed to trade Marreese Speights, Wayne Ellington, Josh Selby and a future first-round draft pick to the Cleveland Cavaliers for Jon Leuer.

The trade Tuesday is the first big move by the Grizzlies’ new ownership and clears about $6 million in salary in getting Memphis under the luxury tax threshold this season. The Grizzlies rank fourth in the West and are 6-4 over their past 10 games after the NBA’s best start this season.

The deal gives the lottery-bound Cavs another first-round pick to improve a team entering Tuesday night’s home game against Boston with a 10-32 record – second-worst in the Eastern Conference. Speights also will help replace center Anderson Varejao who will miss the remainder of the season after developing a blood clot in his right lung.

Varejao remains hospitalized at The Cleveland Clinic.

The ownership group led by Robert More >