What happened: Boingo Wireless was publicly traded and Daktronics is publicly traded. The question raised is whether the SEC could treat the Clippers agreements as a quid pro quo.

Why it matters: The NBA has already penalized the Clippers $30M for the same off-court deals already detailed by the NBA. Federal securities scrutiny would move the exposure beyond league discipline.

What to watch: Watch for statements from the league, the club or regulators clarifying the status of the agreements.