07/14/2017 13:16 EDT | Updated 07/14/2017 16:26 EDT

Raptors' restructuring continues; team makes Cory Joseph trade official

TORONTO — The Toronto Raptors continued their restructuring Friday by confirming the trade of Canadian guard Cory Joseph to Indiana.

The deal helps pave the way for the reported acquisition of unrestricted free agent C.J. Miles from the Pacers next week.

The Raptors acquired the draft rights to forward Emir Preldzic for Joseph, as a throw-in to the deal as the Pacers are required to give up something in the trade. Preldzic has played the last 10 seasons in the Turkish league, and will likely never play a game for Toronto.

Making two separate deals to ultimately get Miles gives Toronto some financial flexibility.  

The 30-year-old Miles is coming off one of the best seasons of his career, shooting 41 per cent from three-point range.

Joseph, a native of Pickering, Ont., averaged 8.9 points, 2.8 rebounds and 3.2 assists during 160 regular-season games over two seasons with Toronto.

The Joseph deal was completed a day after Toronto officially sent forward DeMarre Carroll to the Brooklyn Nets, allowing Toronto to offload the remaining two years and US$30 million of Carroll's salary. The Raptors waived centre Justin Hamilton on Friday, a day after he was acquired in the Carroll deal. 

The Raptors needed to shed some salary after re-signing all-star point guard Kyle Lowry to a three-year, $100 million deal and forward/centre Serge Ibaka to a three-year, $65 million contract.