According to Dale Kasler of the Sacramento Bee, the Kings filed a claim against Power Balance this week as the magic bean manufacturer goes through Chapter 11 bankruptcy proceedings. The Kings are looking for $8.3 million in the claim. But the interesting part is that the claim included details about the specific annual terms of the naming rights deal, which Kasler pulled out.
- Year 1: $975,000
- Year 2: $1.53 million
- Year 3: $1.9 million
- Year 4: $2.25 million
- Year 5: $2.35 million
All of that is, as of now, down the drain. (Even for Year 1, Kasler said the Kings claim that only $700,000 has been paid out.) So on paper the deal was a helluva lot more lucrative than the $750,000-per-year ARCO deal ... but in practice it didn't even pay out one of the years.
Just another little cash problem among mounting cash problems for the Maloofs and their budget basketball team.