The Chicago Bulls and Miami Heat will forfeit their next available second-round draft pick following a four-month investigation related to the signings of Lonzo Ball and Kyle Lowry, the NBA announced Wednesday.

The NBA said in a statement that the teams "each violated league rules governing the timing of this season's free agency discussions."

Per ESPN, the teams "fully cooperated with the investigations," a fact that reportedly was taken into account when determining the punishment.

Both sign-and-trade deals had been rumored for weeks ahead of their completion.

"While we disagree, we accept the League's decision," the Heat said in a statement. "We are moving on with our season."

The Bulls offered the following statement: "We are glad this process has concluded and look forward to the rest of our season."

The Bulls acquired Ball from the New Orleans Pelicans on Aug. 8 in exchange for forward Garrett Temple, guard Tomas Satoransky, cash considerations and a second-round pick in the 2024 draft.

Ball, 24, has averaged 12.5 points, 5.2 rebounds and 4.8 assists in 22 games this season. He has posted 11.8 points, 5.7 rebounds and 6.2 assists in 239 games (226 starts) since being selected by the Los Angeles Lakers with the second overall pick in the 2017 NBA Draft.

The Heat and Toronto Raptors completed a sign-and-trade deal on Aug. 6 that sent Lowry to Miami in exchange for forward Precious Achiuwa and guard Goran Dragic.

Lowry, 35, is averaging 12.5 points, 7.7 assists and 4.8 rebounds in 19 games this season. The six-time All-Star has posted 14.8 points, 6.3 assists, 4.4 rebounds and 1.3 steals over 979 career games (743 starts) with the Memphis Grizzlies, Houston Rockets, Raptors and Heat.

--Field Level Media