The Toronto Raptors remain committed to reacquiring Kawhi Leonard despite the uncertainty surrounding the NBA’s ongoing salary-cap circumvention investigation involving the Los Angeles Clippers, according to a detailed report from ESPN’s Baxter Holmes.
The proposed blockbuster trade, agreed to on June 30, would send Leonard back to Toronto in exchange for Brandon Ingram, Gradey Dick, unprotected first-round picks in 2031 and 2033, a 2027 first-round pick swap, and two second-round selections. However, both teams announced on July 9 that the deal had been placed on hold after the NBA informed them that the Raptors would assume the risk of any penalties Leonard could face stemming from the investigation.
Holmes reported that the league’s investigation could extend into 2027 if the NBA, the Clippers and the National Basketball Players Association fail to agree on the findings or any proposed punishment. Should that happen, the case could proceed to arbitration, where a neutral arbitrator would oversee document production, witness testimony and discovery before issuing a ruling subject to appeal.
The investigation centers on allegations that the Clippers circumvented the salary cap by funneling compensation to Leonard through a $28 million endorsement agreement with Aspiration, a now-bankrupt financial technology company that also had a separate 23-year, $300 million endorsement partnership with the Clippers. The Clippers have consistently denied the allegations.
NBPA executive director David Kelly recently expressed skepticism that investigators had uncovered evidence warranting punishment, saying he had not seen anything suggesting there was “a there, there.” Nevertheless, NBA commissioner Adam Silver has emphasized that the investigation must be thorough, citing bankruptcy proceedings and reluctant witnesses as factors that have prolonged the process.
Under the 2023 collective bargaining agreement, confirmed salary-cap circumvention violations can carry significant consequences, including fines of up to $7.5 million, forfeiture of draft picks, suspension of team personnel for up to one year and, in the most severe scenario, the voiding of a player’s contract. The Raptors acknowledged those possibilities and still indicated their willingness to proceed with the transaction once the league reaches a resolution.
Toronto’s willingness to accept that uncertainty underscores how highly the organization values Leonard’s potential impact. Leonard averaged a career-best 27.9 points last season and would immediately become the centerpiece of a roster that finished 46-36, earned the Eastern Conference’s fifth seed and pushed the Cleveland Cavaliers to seven games before losing in the opening round of the playoffs.
If the trade is finalized, Leonard would join a core led by Scottie Barnes, who averaged 18.1 points, 7.5 rebounds and 5.9 assists while earning All-Star honors and a spot on the NBA All-Defensive Second Team. Immanuel Quickley added 16.4 points and 5.9 assists per game, while RJ Barrett contributed 19.3 points. Toronto would be giving up Ingram, who led the team with 21.5 points per game in 2025-26, along with multiple future draft assets to complete the reunion.
For the Clippers, the uncertainty surrounding the investigation has complicated what otherwise appeared to be a franchise-altering trade. Even so, both organizations have publicly maintained that they intend to complete the deal once the league’s review concludes.
