HOLLYWOOD DRAMA
Clippers cleared; Buss family fights over Lakers sale

KAWHI Leonard appears off the hook in the allegation that the Los Angeles Clippers used a sponsor to evade the NBA salary cap rules.
RONALD MARTINEZ/agence france-presse
Clippers cleared; Buss family fights over Lakers sale

KAWHI Leonard appears off the hook in the allegation that the Los Angeles Clippers used a sponsor to evade the NBA salary cap rules.
RONALD MARTINEZ/agence france-presse

Why did a private entity take charge of the billions in public funds when a legitimate government agency was fully…

NEW YORK (AFP) — Basketball fans will have plenty of chances to check out LeBron James’ first season in Philadelphia…
The National Bureau of Investigation (NBI) has reset to Monday the appearance of four lawyers subpoenaed in connection…

Lakers being sold to Iger, Kusher for $12.5B

Kawhi Leonard's return to Toronto has reportedly been put on hold following an ongoing case involving his salary under…
LOS ANGELES (AFP) — The National Basketball Association (NBA) has found no evidence that Los Angeles Clippers owner Steve Ballmer evaded salary cap rules to pay Kawhi Leonard through sponsors, according to an ESPN report on Monday.
But the NBA says the story contains major errors regarding the league’s 11-month investigation and the result will not be known until the probe is complete.
The report, citing unnamed sources familiar with discussions in the matter, said the probe went beyond Aspiration, the firm first linked to financial deals with Leonard, to at least three other companies to which the Clippers introduced Leonard.
But, the report said, there was no evidence showing Ballmer funneled money to Leonard through the firms, which had sponsorship ties to the Clippers.
ESPN sources said a report on the probe was delivered in late July and both sides have been negotiating to bring a resolution to the investigation.
The league responded after the story was released on the ESPN website.
“ESPN’s article regarding the LA Clippers investigation — for which the NBA declined to cooperate — contains numerous and significant inaccuracies,” NBA spokesperson Mike Bass said.
“The results in this matter will be made clear once the investigation is concluded.”
After Aspiration signed a sponsor deal with the Clippers, Leonard signed a 2022 sponsorship deal with Aspiration.
Meanwhile, an attorney for Jeanie Buss said she will fight her siblings’ plan to sell their 17.8 percent stake in the Los Angeles Lakers to former Disney chief executive Bob Iger’s new majority ownership group, according to multiple media reports on Monday.
The tale began with reports from The Athletic, ESPN, USA Today and Los Angeles outlets citing a Buss family statement after Iger and Joshua Kushner paid a record $12.5 billion for the team last week from prior majority owner Mark Walter.
“We have decided as a family to sell the remaining Buss Family Trust shares to the Bob Iger group as part of the ongoing transaction,” the family statement said.
“We love the Lakers, Laker fans and will continue to support Los Angeles; but it is time to use this opportunity to move on and exit gracefully while we still can.”
But that was not the end of the story as a lawyer for Jeanie Buss, a co-trustee in the family trust that holds the Lakers interest, wrote a letter to her siblings that was obtained by CNBC and ESPN.
Attorney Adam Streisand, representing Jeanie Buss, said in the letter to her five siblings that she has not agreed to sell the team and any vote suggesting a sale “would be and is void” because her approval as one of three co-trustees, along with Joey and Janie Buss, is needed for such a move.
“Co-trustees are bound to vote to ensure that the minimum 15 percent ownership requirement is maintained in order to ensure that Jeanie Buss may remain controlling owner,” the letter said.
“Any attempt by the co-trustees to aid or abet the co-trustees as such, would constitute a breach of trust, breach of fiduciary duty and be in contempt of court.”
Jeanie Buss has been the Lakers’ NBA governor since 2013, taking over after the death of her father, Jerry Buss, and ESPN reported she was the only family member not to vote for the sale.
She had a deal with Walter to remain as the team governor but after the sale of the family interest, she would not have the 15 percent stake needed to remain in that position.