Owner Dan Gilbert and the Cleveland Cavaliers spent a ton of money on the first day of free agency, agreeing to terms with three key pieces.
Dan Gilbert has spent about $240 million today on Love, Thompson and Shumpert. He spent $375 million to purchase the team.
— Jason Lloyd (@JasonLloydABJ) July 1, 2015
Iman Shumpert will return to Ohio next season, on a reported four-year deal worth $40 million.
Source: Iman Shumpert has agreed to a four-year, $40 million deal with the Cavs. Last year is a player option.
— Alex Kennedy (@AlexKennedyNBA) July 1, 2015
Per the AP:
Shumpert and the Cavaliers came to agreement on Wednesday evening. The person spoke on the condition of anonymity because the deal has not been announced. A contract cannot be signed until July 9. […] Shumpert came to the Cavaliers with J.R. Smith in a trade midseason with the New York Knicks. Shumpert’s perimeter defense helped LeBron James take an injury plagued team to the NBA Finals.
Shumpert averaged 7.2 points and 3.8 rebounds in 38 games with the Cavaliers in the regular season.