What happened: Pablo Torre reported Leonard held a multimillion-dollar endorsement deal with Daktronics, which built the Intuit Dome video board. ESPN later reported investigators found no evidence that Clippers owner Steve Ballmer funneled sponsor money to Leonard, but the NBA disputed that account and said its inquiry remains open.
Why it matters: The pending NBA investigation has paused the Toronto-LA trade involving Leonard and his $50 million expiring contract. A ruling could determine whether the transaction clears before the 2026-27 season.
By the numbers: Toronto traded at 84%, down from a 99% peak. Los Angeles stood at 9% after reaching 24%, while Atlanta remained below 1% and total market liquidity exceeded $1.3 million.
What to watch: Toronto and Los Angeles are waiting for the NBA's formal conclusion before completing the trade. Sanctions, arbitration or appeals could extend the delay.