New records reviewed by investigative reporter Pablo Torre link the Los Angeles Clippers and owner Steve Ballmer to a series of cash infusions that helped keep the fintech firm Aspiration operating ahead of scheduled endorsement payments to forward Kawhi Leonard.
The $118 million timeline
On the latest episode of “Pablo Torre Finds Out,” Torre said documents show Ballmer, Clippers chief financial officer Dennis Wong and the team itself transferred a combined $118 million to Aspiration between September 2021 and March 2023. Torre described each successive payment during that 18-month span as “less defensible than the last.”
A June 14, 2022 letter on Clippers letterhead authorized a $20,961,382 withdrawal “to fund the following carbon projects,” signed by the team’s CFO. Torre reported the amount matched both Aspiration’s immediate fundraising goal and the sum required for Leonard’s first Aspiration payout, scheduled two weeks later.
Quick cash before every payday
Sources told Torre that Aspiration received “fast” transfers at each milestone tied to Leonard’s no-show endorsement deal. Among them was a $2 million wire sent personally by minority owner Dennis Wong, Ballmer’s former college roommate.
“The cycle revealed itself,” Torre said on the program, adding that keeping Leonard’s payments on time was “crucial” to Aspiration’s ties with Ballmer.
Financial trouble and a fresh investment
Aspiration’s finances deteriorated late 2022 when 90 percent of shareholders in Interprivate III, the SPAC slated to merge with the company, pulled out in December. Despite the setback, Ballmer invested another $10 million in March 2023 at more than double his initial share price, Torre reported.
Text message from ‘Uncle Dennis’
Torre also released what he said is a text from Leonard’s uncle, Dennis Robertson, to Aspiration co-founder Joe Sandberg: “Good morning, Joe… Mike has had the contract for about 14 days now. Haven’t heard back.” Torre said the exchange referred to an additional $20 million equity arrangement for Leonard, later handled through Sandberg’s personal LLC.
Team response
When questioned, the Clippers emphasized Ballmer’s sustainability goals and said all payments were linked to carbon-credit obligations for the club’s new arena. Team representatives maintained Ballmer had been misled regarding Aspiration’s financial health.
The documents, Torre noted, show the franchise authorized a $21 million transfer just 14 days before Leonard’s initial “no-show” endorsement payday.
Source: Hoops Wire
