The Sacramento Kings organization released a statement on Monday supporting Power Balance despite its apparent fall into bankruptcy. Power Balance, which makes bracelets that supposedly give their wearers the superpowers of Power and Balance, and which has the naming rights on what was previously known as ARCO Arena, filed for bankruptcy protection last week, according to reports. The company has reportedly reached a $57 million settlement to resolve a class action suit filed by Power Balance bracelet purchasers who felt they were not made adequately Powerful or Balanced.
In a statement, the Kings expressed solidarity with Power Balance.
"We maintain close communications with Power Balance and are aware of their decision to file for voluntary protection available to them through the courts," the statement read. "They have been good partners since day one and are, understandably, taking steps to put the company in a position to continue innovation in the performance technology sector. They have assured us of their commitment to the Sacramento Kings and the surrounding community and we expect to continue our productive partnership through this process and into the future."
This seems to be a difficult-to-believe reading of the news, but alas. What is the team supposed to do, kick one of the few entities giving it money right now while said entity is down? Maloof Sports and Entertainment doesn't really have any choice but to hope for the best at this point, so long as another company doesn't offer to pick up the arena naming tab immediately.
Whatever the case, this does not help the current incarnation of the Kings. We need a new arena with sustainable revenue streams. Soon, please.