Kawhi Leonard Trade to Raptors Stalled by NBA Investigation Into Clippers-Aspiration Deal

The blockbuster trade that would send Kawhi Leonard back to Toronto is stuck in limbo. The NBA’s ongoing investigation into the Clippers’ financial ties with Aspiration has put the deal on ice, and it won’t be finalized until the league wraps up its review.

Shams Charania reported Thursday that the trade, agreed to in principle on June 30, can’t go through unless the Raptors’ ownership group agrees to take on the risk of any penalties that might come from the investigation. The Clippers confirmed the delay in a statement obtained by ESPN, saying they expect the trade to be completed once the investigation ends.

The Clippers also used the statement to push back hard on the central accusation that’s been hanging over them for nearly a year. They denied funneling money to Leonard through Aspiration, calling themselves victims of a fraud by Sanberg — who has been convicted and sentenced to 14 years in prison. “Like many sophisticated investors, financial institutions, and business partners, we were victims,” the team said.

The Investigation’s Origins

This whole thing traces back to reporter Pablo Torre’s podcast in 2025. Torre cited internal documents alleging that Clippers owner Steve Ballmer invested $50 million into Aspiration through his personal LLC back in September 2021. That same month, the Clippers announced a $300 million sponsorship with Aspiration, naming the company the first founding partner of the Intuit Dome.

Torre’s reporting also flagged a $28 million endorsement deal tied to Leonard. Investigators have been looking at whether the sponsorship structure was used to bypass the NBA’s salary cap rules. Leonard’s name keeps coming up in those discussions, but no charges have been filed against him.

What Happens Now

Leonard remained eligible to play for the Clippers in the 2025-2026 season while the investigation plays out. Over the summer, ESPN’s Baxter Holmes reported that both Leonard and his uncle and business adviser Dennis Robertson were interviewed by NBA investigators. That suggests the league is taking this seriously, but there’s no timeline for when the review wraps up.

For now, the Raptors wait. So does Leonard. So does everyone else who thought this trade was a done deal.