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8:24 pm: Roughly two-and-a-half months after the two teams initially agreed to terms, the trade is official, the Raptors have confirmed in a press release.

“We’re thrilled to welcome Kawhi back to Toronto,” general manager and executive VP Bobby Webster said in a statement. “His impact on our organization, our city, and our country is undeniable, and he embodies the competitiveness and championship mindset that we value. We believe his leadership, experience, and talent will help us as we continue building toward our next championship.”

The Clippers’ own press release announcing the trade didn’t include any additional statements from team executives.

1:58 pm: The Clippers and Raptors have agreed to move forward on the trade that will send Kawhi Leonard back to Toronto and Brandon Ingram, Gradey Dickand a handful of draft assets to Los Angeles, according to Shams Charania of ESPN (Twitter link).

The two teams are now working to schedule the trade call with the NBA, Charania adds. NBA insider Jake Fischer confirms Charania’s report (via Twitter).

A source tells Law Murray of The Athletic that the terms of the trade remain unchanged (Twitter link). That means the Raptors will receive Leonard while the Clippers will acquire Ingram, Dick, the Raptors’ 2031 first-round pick, the Raptors’ 2033 first-round pick, the Raptors’ 2030 second-round pick, the Raptors’ 2033 second-round pick, and the right to swap first-round picks with the Raptors in 2027.

The Athletic reported on Monday that people close to Leonard expected the deal to be finalized in the near future. Clippers owner Steve Ballmer’s acceptance of the NBA’s penalties for salary cap circumvention — after initially threatening legal action — seems to have cleared the way for the trade to be completed.

The two teams originally agreed to the deal in late June, but Toronto paused it on July 9 due to concerns that the investigation might result in a suspension for Leonard or possibly the voiding of his contract. He wound up with a relatively light punishment — being forced to pay the league $700K — while his playing status wasn’t affected.

Clippers general manager Trent Redden confirmed with the Raptors on Monday that the trade remained on track, according to Fischer (Twitter link). Redden is expected to lead Los Angeles’ front office with Ballmer suspended for a year and president of basketball operations Lawrence Frank suspended for six months as part of the punishment for salary cap circumvention. The Clippers also forfeited five first-round picks, so adding two from Toronto will help the team’s long-term prospects.

Leonard made the All-NBA second team last season after averaging a career-high 27.9 points, 6.4 rebounds, 3.6 assists and 1.9 steals on an excellent .505/.387/.892 shooting line in 65 appearances (32.1 minutes per game). The two-time Finals MVP is on an expiring $50.3MM contract and there’s an expectation he’ll sign an extension with Toronto — the most he can make is $126MM over two years, tweets ESPN’s Bobby Marks.

Leonard will waive his entire 15% trade kicker as part of the transaction, a source tells Blake Murphy of Sportsnet.ca (Twitter link).

Ingram made his second All-Star appearance in 2025/26, which was his first full year in Toronto after he missed the second half of ’24/25. He’s owed $40MM this season and holds a $41.9MM player option for ’27/28.

Dick, meanwhile, is a former lottery pick who struggled for much of last season after averaging a career-high 14.4 PPG in ’24/25. He’s eligible for a rookie scale extension until Oct. 19 but is more likely to enter opening night on an expiring deal. He would be eligible for restricted free agency next summer if he doesn’t get an extension this fall.