"The Clippers on Wednesday denied a blistering report that owner Steve Ballmer knowingly circumvented NBA salary cap rules when he funded a multi-million no-show endorsement deal for All-Star Kawhi Leonard with an environmental company. The $28 million deal was intended to be part of a marketing campaign for a start-up environmental company called Aspiration but allegedly was not made public to avoid questions about whether the deal circumvented rules, according to podcaster/investigative reporter Pablo Torre, formerly of ESPN."
"The NBA said Wednesday that it will investigate whether the contract with Aspiration Fund Adviser, LLC, allowed the Clippers to circumvent the salary cap. We are aware of this morning's media report regarding the L.A. Clippers and are commencing an investigation, NBA spokesman Mike Bass said Wednesday. Torre announced on his podcast Wednesday that he had reviewed more than 3,000 pages of documents from Aspiration, whose aim was to supply carbon credits and plant trees to offset the emissions of its clients."
Clippers denied that owner Steve Ballmer circumvented NBA salary cap rules by funding a $28 million no-show endorsement deal for Kawhi Leonard with an environmental company called Aspiration. The $28 million contract was presented as part of a marketing campaign for start-up Aspiration and was allegedly kept out of public view to avoid questions about potential circumvention. The NBA has commenced an investigation into whether the contract with Aspiration Fund Adviser, LLC allowed the Clippers to circumvent the salary cap. Aspiration aimed to supply carbon credits and plant trees, later declared bankruptcy after a co-founder faced felony fraud charges, and listed the Clippers among creditors owed roughly $30 million, with the endorsement agreement showing Leonard would receive $7 million annually for four years.
Read at www.ocregister.com
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