NBA commissioner Adam Silver gave an update Tuesday on the pending investigation into allegations that the Los Angeles Clippers circumvented the salary cap to pay Kawhi Leonard through now-bankrupt environmental firm Aspiration Fund Adviser LLC.
“My timeline remains this summer,” Silver said when asked when the league will announce the results of the investigation at a press conference after the league’s board of governors meeting.
“We all have an interest in wrapping this up,” Silver added. “… I’m hopeful that it will wrap up this summer. That would continue to be the goal here.”
The investigation, which is being led by law firm Wachtell Lipton, started in September 2025 and is now in its 11th month.
“My understanding is Wachtell is going through the information that they’ve gathered and drawing conclusions from that,” Silver said. “… it is complicated and complex; I understand why people who haven’t lived in these kinds of investigations are frustrated … we want to be able to answer to our team, and our fans, and all of you, that this is comprehensive.”
The probe, as detailed by the terms of the collective bargaining agreement, could lead to penalties that include a substantial fine, the loss of draft capital — and, potentially, even the voiding of a player contract — if the league finds there was a deliberate circumvention of cap rules.
“I don’t think any of this information should have been a surprise to anyone involved who thought about trading for Kawhi or was part of those discussions,” Silver said.
There is very little precedent for a CBA violation of this nature, with Joe Smith and the Milwaukee Bucks scheme to duck the cap in the year 2000 with three consecutive low-cost, one-year deals, and the promise of a larger future contract, being the closest comparison.
In that situation, Smith’s contract was voided, the Bucks forfeited five first-round picks (two were later returned), and the team paid a then-record $3.5-million fine. Owner Glen Taylor was also suspended for a season and general manager Kevin McHale was forced to take an unpaid leave of absence.
Earlier this month, the Clippers agreed to trade Leonard back to the Toronto Raptors, but the teams later announced that the deal was put on hold pending the conclusion of the investigation.
The Raptors are reportedly sending Brandon Ingram, Gradey Dick, two first-round picks and two second-round picks to the Clippers to bring back Leonard, who won Finals MVP for Toronto in 2019.
“Regarding our planned trade with the LA Clippers for Kawhi Leonard, the NBA league office informed us that as a result of the ongoing investigation involving the Clippers we would assume the risk of any potential outcome of the investigation impacting Kawhi,” the Raptors said in a press release on Friday.
“In light of this, we will wait until the league’s investigation is complete. The Raptors remain eager to bring Kawhi back to Toronto and look forward to a swift resolution for our players, our organization, and our fans.”
Silver said: “The league did not pause the trade. The parties to the trade made a decision not to go forward, given that the investigation remained open, and that any possible impact on Kawhi or his contract was yet to be known. They chose not to live with that uncertainty. That was well known before the trade was proposed.”
Leonard has denied any wrongdoing, saying he didn’t receive all of the money he was owed from the company. The Clippers also strongly denied that any rules were broken and said they welcomed the league’s investigation.
On Thursday, the Clippers said that they have been “fully” cooperative with the investigation, “participating in dozens of interviews, providing tens of thousands of documents, and facilitating access to our staff. While the process has been challenging, we have remained committed to transparency.”
“At the heart of this investigation are Joe Sanberg and Aspiration. We did not funnel money to Kawhi Leonard through Aspiration. Like many sophisticated investors, financial institutions, and business partners, we were victims of a fraud initiated by Sanberg, who has been convicted and sentenced to 14 years in prison,” the Clippers said.
—With files from the Associated Press
