Feb 20, 2012 at 09:35 PM
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Kings Ask Bankruptcy Court For $8.3 M Claim Against Power Balance

The Sacramento Kings have filed a claim in U.S. Bankruptcy Court for $8.3 million – the amount it says it is still due as a result of a naming rights agreement between the team and Power Balance, the maker of popular wristbands that are said to improve strength, balance and flexibility. The company filed for bankruptcy protection late last year after being hit with a $57 million lawsuit. To date, the team says it has only been paid $700,000 of the $8.3 million naming rights agreement that was to be paid through 2016 under the following schedule:

Year 1: $975,000

Year 2: $1.53 million

Year 3: $1.9 million

Year 4: $2.25 million

Year 5: $2.35 million

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