After Mavericks minority stakeholder Mark Cuban suggested in a Twitter post that journalist and podcaster Pablo Torre should dig into the carbon credits that the Clippers bought from the now-bankrupt “green bank” company Aspiration, Torre did just that in the latest edition of his Pablo Torre Finds Out podcast (YouTube link).
Cuban had speculated that those carbon credits could be an easier and safer way for the team to circumvent the cap to pay Leonard, as opposed to simply investing in the company. Since the margin was so high on those credits, those purchases could provide Aspiration with a quick influx of cash that created the appearance of real revenue.
Torre’s findings point to that being a possibility, as the Clippers purchased roughly $21MM in carbon credits from Aspiration in June 2022, shortly before the first payment to Kawhi Leonard for his alleged “no-show” deal was due (Twitter video link). The Clippers had purchased another $35MM in carbon credits in April 2022, right around the time Leonard signed that endorsement agreement that didn’t actually require him to do any endorsement work.
Responding to Torre’s latest report, the Clippers said in a statement those carbon credit purchases were part of owner Steve Ballmer‘s effort to ensure Intuit Dome would be as environmentally friendly an arena as possible.
“Steve and his family are focused on sustainability, which is why Intuit Dome was designed to be a carbon neutral building from its inception and to achieve LEED Zero status over time,” the Clippers said. “Our development agreements for the arena included mandates to buy carbon credits, but after studying the issue of neutrality, we went far beyond those requirements, exploring ways to address emissions from our fans and contracting with Aspiration to directly purchase carbon offsets, as well as broker the acquisition of additional offsets.
“Some of those commitments were built into the sponsorship deal with Aspiration — totally separate of the investment in the company — and we made payments to Aspiration until the company was unable to fulfill their responsibilities.
“This effort reflects Steve wanting to set a positive example and raise awareness of the growing and important role of voluntary carbon markets. Unfortunately, he was duped on the investment and on some parts of this agreement, as were many other investors and employees.”
Here’s more on the ongoing Clippers/Leonard story:
- Within his latest podcast, Torre provided some additional details on Ballmer’s $10MM investment in Aspiration in March 2023, which occurred shortly before the government began investigating the company. According to Torre, Ballmer paid $23 per share at that point, which was more than double the share price he paid when he invested $50MM in 2021. John Karalis of Boston Sports Journal (Twitter links) wonders if that inflated share price was a way for Ballmer to avoid assuming more than a 5% stake in Aspiration, which is prohibited by NBA rules for any company that employs a player as an endorser.
- People around the league don’t expect the investigation into Ballmer, the Clippers, and Leonard to conclude until sometime after the All-Star game, which will take place at Intuit Dome, Jake Fischer said in a Bleacher Report live stream this week (YouTube link). That probe is being conducted by the law firm Wachtell, Lipton, Rosen & Katz, which has led multiple independent investigations for the NBA, including the 2014 inquiry into Donald Sterling that resulted in the former Clippers owner selling the team to Ballmer.
- In case you missed it, John Hollinger of The Athletic took a closer look at earlier this week at the punishments that the Clippers and Leonard could face as a result of the investigation and explained why he doesn’t expect the NBA to void the forward’s contract.
Is the gun beginning to smoke yet?
Adam Silver is closing his eyes and covering his ears he doesn’t want to see the truth
@BA57
It’s just getting worse for the clippers and Leonard too. Pablo drops more financial statements and Aspiration employee interviews every week it seems like.
Silver could easily take down Sterling because all the other owners hated him but judging by people like Cuban and the lack of outrage by other owners, it seems like Ballmer has a lot of leeway from his competitors.
How convenient that the investigation is likely to conclude after the All Star game. Because imo the only punishment Ballmer would care about is having that taken away. All the other things I have heard floated he won’t give a lick.
For real, they should just move the ASG somewhere else this year and have there next year if it works out.
IMO, this will all conclude way before the All-Star game.
Every few days Torre detonates another truth bomb, and all the participants look that much worse. The cloud of uncertainty hanging over the Clippers hurts the team and their fans. And Silver looks weaker and weaker, confirming the narrative that he’s just a shill for the owner s.
You just gotta tip your hat to Pablo. He knew how it play out initially and was beyond prepared leaving sone juice in the reserves
Got a little lucky too when Dumbo Cuban wanted to flap his gums which probably helped Pablo look deeper into the carbon credits
Pablo is now investigating Jalen Brunson and the Knicks too. Other owners around the league are probably subscribed on burner accounts just to see who Torre busts next.
I wonder is smart enough to appear to be defending balmer no matter what but essentially pointing pablo where to look. Probably not but it is a weird situation.
The thought crossed my mind as well Sheldon but Cuban is a dummy, hard to tell
Cuban is defending Ballmer because it benefits Cuban. Cuban and Ballmer are from the same tribe — tech investors with a broad network.
At any point along the way, Cuban can always either say:
1. something negative. He’ll never do this.
2. something positive. He did that when info was limited.
3. nothing at all. He’s doing this now, because he must
According to Pablo Torre, over the last week Cuban has declined all requests for comment and stopped tweeting, saying “that he is too busy to keep up”.
You are familiar with the commissioners job description?
“You are familiar with the commissioners job description?”
@smacky, I’m not sure I understand your question, but here goes. The Commissioner has broad discretionary powers that allow him to act unilaterally. That was evidenced in 2014, when Silver acted within days of Donald Sterling’s offenses (none of which were legal), requiring Sterling to sell the team within 3 weeks.
Silver’s “job description” doesn’t require him to do an independent, external legal review, as the NBA is currently doing with Wachtell. That kind of review is appropriate when the truth isn’t completely obvious. Silver’s job is to determine the path that serves the NBA’s best interests. As more comes to light, he can change the path.
Who are his bosses?
I think he’ll feel the pain if they lose first round picks and if he’s forced to sell. The NBA does not want to move the ASG and doesn’t want there to be any scandal associated with their ridiculous exhibition game. At least until the show is over.
I highly doubt they’ll make him sell. Draft pics galore, a ban for a year (this is hilarious … although Ballmer will def miss sitting courtside), etc.
Reminds me of the NCAA making punishments.
It wouldn’t really hurt the Clippers to lose first-round picks until 2030. Their next two are already tied up. OKC controls the 2027 pick (protected 1–5), and the 2029 pick is owed to Philly (protected 1–3). The only real impact would come if the league imposed some convoluted punishment tied to whether those swaps convey. Beyond that, they’d be taking away picks five years down the line, which would hurt whoever owns the team then and the player they could’ve drafted.
They neee them to trade for their next star ! If they take away say 2 two clippers legally won’t be able to trade away any first rd picks till after 2034
They could void Kawhi’s contract while keeping it on the Clippers’ books. That would be killer. They’d have to suspend Kawhi too, of course, so the Lakers don’t end up getting him for minimum.
I like the punishment of forcing him to play every single game more. Knees hurt? Too bad you were healthy enough to cash those fugazi checks you’ll figure out how to play basketball.
To me this would be hilarious but I have a cutthroat idea if Ballmer is found guilty. He’s face with forcing to sale the team and they move to Seattle leaving Ballmer with an empty arena!!! I can’t wait to see if I get any back lash😂😂
If found guilty he should be forced to sell the team and banned from ever owning another one. Kawhi’s contract should be void and he needs to be suspended for at least a year as well. Players have to have some sort of punishment for participating in this as well.
More lies
“I plead the FIF”
– Joe Sandberg
(Co-founder of tree company)
Pablo has all the receipts.
He didn’t plead the fifth. He plead guilty.
Sandberg pleaded the fifth, when asked specifically on the nature of Ballmer’s investments on Aspiration.
But, the CEO of Aspiration didn’t plead the fifth. Besides, if Sandberg had any dirt, he’d want to spill the beans. Nothing reduces your prison sentence more then spilling the beans on a bigger fish.
He did, according to Tom H. on Yahoo Sports podcast …. just saw it after the recent Torre podcast.
Now you are didn’t plead the fifth? Which is it?
I’m laughing at the people here who think that Ballmer will be forced to sell the team, or be suspended, or the Clippers will lose a boatload of draft picks. None of those things will happen. The other owners are not incensed by this and they are the bosses of Adam Silver. Look at Mark Cuban–he’s engaging in a vigorous defense of Ballmer. And do you know why? All the other teams do this too.
I think it’s more likely than not Silver will find there’s no direct evidence showing that the Clippers directed any payments to KL. And if they do find some wrongdoing they will let Ballmer deny it and fine him a couple of million dollars and the issue will be closed. Anyone expecting anything different is a fool.
Reading comprehension. Cuban is aiding in the investigation by suggesting ways Ballmer funneled money.
“Cuban had speculated that those carbon credits could be an easier and safer way for the team to circumvent the cap to pay Leonard, as opposed to simply investing in the company. Since the margin was so high on those credits, those purchases could provide Aspiration with a quick influx of cash that created the appearance of real revenue.”
That doesn’t sound like he’s vigorously defending Ballmer.
How is that aiding the investigation? He’s speculating. You don’t go to court with speculations. Besides, investing in carbon tax credits with fit right in with his $85 billion dollar portfolio.
His speculation lead to Pablo finding more evidence Giants – ya gotta keep up wit the story if you want to engage in it (daily)
Cubans not an owner btw og poster
It’s pretty clear the Balmer defenders haven’t watched any of Pablo’s work.
Cap N Crunch – Cuban still owns 27% of the Mavericks. You gotta keep up with the story.
Cuban is a minority owner
He’s not even on the board of governors
He has zero pull today
> Reading comprehension. Cuban is aiding in the investigation by
> suggesting ways Ballmer funneled money.
@JBS, that’s not true. You should view the podcasts themselves.
An ex-Aspiration exec said that the Clippers had suspiciously bought carbon credits from Aspiration through 2022, before the Intuit Center was constructed, on the very first Pablo Torre podcast. At that time, Torre was waiting to get copies of the documents (including a bank transfer by the Clippers CFO from Silicon Valley Bank) before he could make the case in full, with details.
Yes, Cuban said in the interview with Torre that buying carbon credits would be a safer way for Ballmer to get money to Kahwi. But Cuban was mistaken in assuming that because those details hadn’t been presented by Torre yet, they wouldn’t be in the near future.
At this stage, we know that Torre is being fed ALL the damaging info by ex-Aspiration employees to protect their personal interests. There’s no need for Mark Cuban or anybody else to tell Torre where to look.