The Kings stood by Power Balance when the company filed bankruptcy. Because the Kings can’t turn their back on anybody who might give them money right now.
But it looks like the Kings will not be seeing any more money from Power Balance and the company name may come off the Sacramento arena where the Kings play, reports CSNBayArea.com.
The Sacramento Bee is reporting that Power Balance LLC, which filed for bankruptcy protection last month, will likely be sold as a result and court papers say the potential buyer isn’t interested in maintaining the marketing deal with the Kings…
It is possible that Hanyang LLC, the company reported as the frontrunner to buy Power Balance, could retain the contract with the Kings, or another company could outbid Hanyang and keep the current naming deal with the Kings intact.
Power Balance makes wristbands for athletes that are supposed to provide more balance and strength, but there are very serious questions about the validity of the company’s claims.
The Kings will not be in this arena long, one way or another. The city of Sacramento has until March to come up with a viable plan for a new arena and a way to finance it or the Maloof Brothers, who own the Kings, will pretty much be given free rein to move the team to Anaheim. The Maloofs wanted to do that last year but the other owners blocked the move to give Sacramento one more chance to get a new building (something that was smart business due to the lockout).