Sacramento Kings file $8.3 million claim against Power Balance in bankruptcy court

[Mike0476]

I never liked the idea of replacing ARCO Arena with Power Balance Pavilion. I honestly hated it and look forward to removing anything that has to do with Power Balance.

http://www.sacbee.com/2012/02/18/4273151/sacramento-kings-file-83-million.html

Key points:

1. Kings could lose $8.3 million if Power Balance sponsorship falls apart

2. Kings filed a claim in U.S. Bankruptcy Court for $8.3 million, which is the amount still owed

3. $200,000 will be the cost to remove all signs of Power Balance

4. Hanyang LLC scrapped its deal with the Kings, Tyreke Evans and other athletes

5. Sponsorship rights to be paid were $975,000 in year 1, $1.53 million in year 2, $1.9 million in year 3, $2.25 million in year 4 and $2.35 million in year 5.

6. Kings have collected only $700,000 of $975,000 from its first year deal

 

[Krunker]

Good luck getting the $8.3 million. Another bad business decision by the Maloofs, it didn't take a genius to see that the whole power balance business concept was dubious not to mention the wristband market is unlikely to generate revenue over the long term to allow them to pay out at those millions of dollars over five years.

 

[Mike0476]

Good luck getting the $8.3 million. Another bad business decision by the Maloofs, it didn't take a genius to see that the whole power balance business concept was dubious not to mention the wristband market is unlikely to generate revenue over the long term to allow them to pay out at those millions of dollars over five years.

It has been one bad business decision after another. Their next business decision would be the best they could make and that is sell the team to someone who will keep the team in Sacramento with a new downtown arena.

VSP Arena? It could happen.

 

[BMiller52]

It has been one bad business decision after another. Their next business decision would be the best they could make and that is sell the team to someone who will keep the team in Sacramento with a new downtown arena.

VSP Arena? It could happen.

Would VSP be good or is that a joke??? It'd be better than Power Balance. Facepalm...

 

[Mike0476]

Would VSP be good or is that a joke??? It'd be better than Power Balance. Facepalm...

I'm just throwing that out there.

Comcast Arena

Comcast Center

Amtrak Arena (at the Rail Yards)

There are all sorts of possibilities.

 

[Tetsujin]

I'm just throwing that out there.

Comcast Arena

Comcast Center

Amtrak Arena (at the Rail Yards)

There are all sorts of possibilities.

Surewest could be another possibility.

 

[Warhawk]

Surewest could be another possibility.

SureWest just got bought out.

http://www.sacbee.com/2012/02/07/4244302/rosevilles-surewest-to-be-taken.html

Consolidated Coliseum, anyone?

 

[///Mink]

Would VSP be good or is that a joke??? It'd be better than Power Balance. Facepalm...

VSP is a small company, even by their own standards (around 2000 employees). I'm sure that's substantially smaller than any other arena-sponsoring corporation. I wouldn't get my hopes up for that one. Now Comcast...that one would work.

 

[Spike]

Googleplex!

 

[Circa_1985_Fan]

I've always liked the Comcast idea, VSP would work...I think another smart one would be Bank of the West.

 

[Bricklayer]

Good luck getting the $8.3 million. Another bad business decision by the Maloofs, it didn't take a genius to see that the whole power balance business concept was dubious not to mention the wristband market is unlikely to generate revenue over the long term to allow them to pay out at those millions of dollars over five years.

Not really so bad when you consider that at the time they made the deal they obviosuly were planning their exit stage right a few months later. They're trying to get $8mil now that they probably never at any point thought they'd be in line to get.

 

[Larry David]

If you want to review the complaint, the case name is Bad Business v. Bad Business

 

[Trueblood]

if you want to review the complaint, the case name is bad business v. Bad business

Good one. I'm thinking that if the new arena comes to fruition, they would be smart to open bidding on naming rights for the new arena right away and that one of the perks/obligations would be that you could put your name on the current building for a reduced rate if you are willing to commit to a long term number on the new building. Matching the PB number shouldn't be too hard for the likes of Comcast and Southwest Airlines. That way, the Maloofs still get their money and the bonds have one more revenue source for being paid back.

 

[Siranthony]

Ya and I have to listen to my boss make fun of the Kings ( Power Ballance, the beginning of the end, hahahahahaha). such a stupid decision that was.

 

[PurpleHaze]

Burkle Centre

 

[VF21]

Burkle Centre

You win.

 

[Circa_1985_Fan]

Burkle Centre

Burkle is still very much in play now even though we haven't heard his name in awhile. Don't think it was just a coincidence that SaveMart gave $500,000 to local Sacramento pools last week...Burkle was all over that! And, if the family Maloof can't come up with their end of the arena bargain...Stern could force them to sell, in comes Burkle, if that happens.

 

[Warhawk]

Good one. I'm thinking that if the new arena comes to fruition, they would be smart to open bidding on naming rights for the new arena right away and that one of the perks/obligations would be that you could put your name on the current building for a reduced rate if you are willing to commit to a long term number on the new building. Matching the PB number shouldn't be too hard for the likes of Comcast and Southwest Airlines. That way, the Maloofs still get their money and the bonds have one more revenue source for being paid back.

Good idea, but two different owners, at least for now. Unless there is a financial twist or agreement that can be made?

 

[Tetsujin]

Burkle is still very much in play now even though we haven't heard his name in awhile. Don't think it was just a coincidence that SaveMart gave $500,000 to local Sacramento pools last week...Burkle was all over that! And, if the family Maloof can't come up with their end of the arena bargain...Stern could force them to sell, in comes Burkle, if that happens.

SaveMart Center has a nice ring to it.

 

[nebs]

Good idea, but two different owners, at least for now. Unless there is a financial twist or agreement that can be made?

Right. The Maloofs are supposedly only going to be tenants.

Anyway, I like the Comcast thing too. Although I think they like to be called Xfinity now. Xfinity Arena. Sounds good to meeee.

 

[king4life89]

i wish we still had ties to cash creek casino maybe our arena coulda ben named cashcreek arena what do yall think?

 

[Circa_1985_Fan]

i wish we still had ties to cash creek casino maybe our arena coulda ben named cashcreek arena what do yall think?

We have bigger ties with Thunder Valley Casino, so I'll take that instead.

 

[VF21]

We have bigger ties with Thunder Valley Casino, so I'll take that instead.

And if they can manage to work a deal with Arco, we could have Arco Thunder Valley Arena, which is something I actually suggested several years ago.

 

[eflat]

VSP is a small company, even by their own standards (around 2000 employees). I'm sure that's substantially smaller than any other arena-sponsoring corporation. I wouldn't get my hopes up for that one. Now Comcast...that one would work.

VSP Global, including companies they own, have about 4,200 employees. I hear they got a couple contractors working there, too.

More importantly, from that same reference: "With more than 57 million members nationwide, we’re proud that one in six people in the United States relies on us for eyecare coverage." Small? Not.

 

[Circa_1985_Fan]

And if they can manage to work a deal with Arco, we could have Arco Thunder Valley Arena, which is something I actually suggested several years ago.

That would be a dream come true!

 

[///Mink]

VSP Global, including companies they own, have about 4,200 employees. I hear they got a couple contractors working there, too.

More importantly, from that same reference: "With more than 57 million members nationwide, we’re proud that one in six people in the United States relies on us for eyecare coverage." Small? Not.

Yeah, I'm not icluding Marchon, Eyefinity, Altair, et al. I'm just talking Vision benefits (I'm old school, what can I say?). You've probably figured out who I work for by now - I'm actually one of the guys responsible for the accuracy of those 57 million.

 

[The Hammer]

And if they can manage to work a deal with Arco, we could have Arco Thunder Valley Arena, which is something I actually suggested several years ago.

Would also kinda feed the little rivalry/comparisons brewing between us/OKC. We could always say we had the original thunder!

Love the name.