What's at stake in the NBA's investigation of Kawhi Leonard's Clippers contract

Toronto Raptors fans had to temper their excitement Thursday after a proposed trade to bring back superstar Kawhi Leonard was put on hold due to an ongoing investigation that could put his season in jeopardy.

The NBA opened an investigation in September following allegations first reported by journalist Pablo Torre that Leonard signed a $28-million US "no show" endorsement deal with Aspiration, a since-shuttered financial technology company, when he was with the Los Angeles Clippers.

Leonard was named Finals MVP when he led the Raptors to their 2019 championship, but signed with the Clippers the following season.

The proposed blockbuster trade, announced on June 30, would see the 35-year-old return to the Raptors in exchange for Brandon Ingram, Gradey Dick, two unprotected first-round picks, a 2027 pick swap and two second-round picks.

The Clippers agreed to a $300-million US endorsement deal with Aspiration in 2021. Months later, in April 2022, Leonard signed a $28-million sponsorship deal with the company.

In September 2025, Torre's podcast reported on Leonard's alleged "no-show" deal with Aspiration that required no work beyond staying with the Clippers.

Raptors put blockbuster Kawhi Leonard trade on hold pending conclusion of NBA's probe

NBA says it will investigate report Clippers broke salary cap rules with Kawhi Leonard deal

A former Aspiration employee told Torre that the deal was made to get around the NBA’s salary cap, by using a third-party company to pay Leonard more than the cap allowed.

The NBA hired New York-based law firm Wachtell, Lipton, Rosen & Katz to investigate.

By the time the investigation launched, Aspiration was no more. The company declared bankruptcy in March 2025 after co-founder Joseph