Per ESPN.com's Ramona Shelburne and Paula Lavigne, Ball accused Foster of using "his access to my business and personal finances to enrich himself" after Foster could not account for approximately $1.5 million that has left Ball's financial accounts.
Harrison Gaines, Ball's agent, said in a statement he will be taking "a more active role" in his client's career in light of the situation with Foster:
Shelburne and Lavigne noted documents and emails indicated Foster had been questioned by Ball's financial advisors about his business decisions dating back to last fall.
Sources told Shelburne and Lavigne that Lonzo "expressed his concerns about Foster to his father several times over the past few months but deferred to LaVar to manage the situation."
"I've always believed in the best in people. Regretfully, I put my complete trust in Alan Foster to manage my son's business affairs," LaVar said in a statement. "At the end of the day, family comes first, and I support Zo wholeheartedly. Together, we will make this right."
Foster has been manager of the Big Baller Brand since 2016 and has a 16.3 percent ownership stake in the company. He had been friends with the Ball family since 2010 when his son and Ball developed a friendship in middle school.