According to the website TMZ.com, Power Balance, a corporate sponsor and owner of the naming rights to the Sacramento Kings arena, has settled a $57.4 million class action lawsuit, will declare bankruptcy and close up shop. What does this mean for the Power Balance Pavilion, the building formally known to Kings fans as Arco Arena? There is no official word yet from the team, but the Power Balance signs just went up on the building this summer, so there has to be a certain amount of disappointment.
Update: The Kings just released a statement regarding the news. (Via Rob McAllister of KFBK)
“We maintain close communication with power balance and aware of their decision to file for voluntary protection available to them through the court. They have been good partners since day one and our understandably taking steps to put the company in a position to continue their innovation in the performance technology sector. They have assured 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.”