UPDATE: The Hawks formally announced the trade on Saturday morning with the following wording:
The Atlanta Hawks Basketball Club has acquired Kay Felder, Richard Jefferson, two future second-round draft picks and cash considerations from the Cleveland Cavaliers in exchange for the rights to Dimitrios Agravanis and Sergiy Gladyr, the team announced today.
The picks include the lesser of the Los Angeles Lakers and Minnesota Timberwolves’ 2019 second-round picks, and a protected 2020 Portland Trail Blazers’ second-rounder.
The Atlanta Hawks, on Friday evening, have acquired veteran forward Richard Jefferson and second year point guard Kay Felder, two future second round picks and cash from the Cleveland Cavaliers in exchange for two European prospects, Dimitrios Agravanis and Sergii Gladyr, according to The Vertical’s Shams Charania (who reported the two teams were advanced discussions first) and ESPN’s Adrian Wojnarowski (who fleshed out the details of the deal).
Cavs finalizing deal to unload Richard Jefferson, Kay Felder to Atlanta, sources tell ESPN. Hawks will send back European draft rights.— Adrian Wojnarowski (@wojespn) October 13, 2017
According to Woj, the Hawks plan to waive both Jefferson and Felder, who will then be free to join other teams as free agents if they clear waivers.
Atlanta plans to waive Richard Jefferson, league source tells ESPN. He can become a free agent upon clearing waivers.— Adrian Wojnarowski (@wojespn) October 13, 2017
Atlanta will likely waive Kay Felder too, league sources tell ESPN.— Adrian Wojnarowski (@wojespn) October 13, 2017
Jefferson was the 13th overall selection in the 2001 NBA draft, averaging 12.8 points per game over his 16 year NBA career and recently won an NBA title with the Cavaliers in 2016.
Felder was the 54th overall selection in the 2016 NBA Draft, initially by the Hawks, before being traded to the Cavaliers on draft night for cash considerations.
Agravanis was drafted 59th overall by Atlanta in 2015 and Gladyr was selected with the 49th pick in 2009. Agravanis did not play Summer League with Atlanta the last two seasons, but Gladyr did play with the Summer Hawks in 2010 and 2013.