Philadelphia 76ers President of Basketball Operations Bryan Colangelo announced today that the team has acquired the first overall pick in the 2017 NBA Draft from the Boston Celtics.

In exchange, the team sends the third overall pick in the 2017 NBA Draft and a future first-round pick to Boston.

The future first-round pick that Boston will receive will be the Los Angeles Lakers’ first-round pick in the 2018 NBA Draft, provided that such pick is No. 2, No. 3, No. 4, or No. 5 in the 2018 NBA Draft. If the Lakers’ 2018 first-round pick is No. 1 or is No. 6 or later, the Sixers will instead convey to the Celtics the rights to the more favorable of the Sixers’ own 2019 first-round pick or the Sacramento Kings’ 2019 first-round pick, provided that the more favorable pick is not the No. 1 pick in the 2019 NBA Draft. If the more favorable of the Sixers’ and Kings’ 2019 first-round picks is the No. 1 pick in the 2019 NBA Draft, the Sixers will instead convey the rights to the less favorable of those two picks.

“We’re thrilled to be able to select what we expect be an impact player with the third pick in this year’s very talented draft class, while also adding a highly valuable future asset as we continue to build towards Banner 18,” said Celtics president of basketball operations Danny Ainge.

With the acquisition of these two first round picks, the Celtics now potentially own the rights to seven first round selections over the next three years, including picks from Brooklyn (2018), Memphis (2019, protected 1-8), and the LA Clippers (2019, protected 1-14).

“We are very pleased with the outcome of this trade, which puts us in the enviable position of selecting first overall in consecutive draft years,” Colangelo said. “History suggests that No. 1 has the greatest odds of producing franchise-level talent and we are confident that this year’s draft class has that very potential. Thursday night will see us take another significant step toward building a successful and sustainable basketball program.”

The Sixers will choose first overall for the fourth time in team history. Philadelphia chose Ben Simmons with first pick in the 2016 NBA Draft, Allen Iverson in 1996 and Doug Collins in 1973.

“I am incredibly excited that we’ve acquired the No. 1 overall pick in Thursday’s NBA Draft,” Josh Harris, Sixers Managing General Partner, said. “This pick provides us a tremendous opportunity to add another foundational player to our promising core. Bryan and his team have done a great job in positioning our organization for what we believe will be long-term success.”