What happened: Toronto paused the agreed transaction after the NBA warned that the club would assume risk from the inquiry’s outcome. The league must complete its salary-cap investigation before the deal can proceed.
Why it matters: Potential discipline affecting Leonard could follow him to Toronto if the transaction closes. The delay leaves the Raptors unable to finalize a defining piece of their 2026-27 roster.
By the numbers: The agreement in principle was reached June 30 and paused July 9, a nine-day span. The hold has lasted 17 days through July 26.
What to watch: The inquiry’s conclusion will determine whether the transaction can advance. Any change to the agreed terms would reshape Toronto’s offseason plans.