Company Admits It's a Scam, Promptly Buys NBA Stadium Naming Rights
"Power Balance" wristbands have magical holograms that give you magical powers of balance, just by wearing them. Just last week, Power Balance itselfadmitted Power Balance is a scam! Now the company's putting its name on a NBA stadium. Wonderful.
The Sacramento Kingsannounced this week that their arena will now be called "Power Balance Pavilion." It can stand on one piling and no bulldozer can push it over, haha. In other words, the fact that just last week the company issued a press release stating "We admit that there is no credible scientific evidence that supports our claims" is no reason they can't issue a press release this week stating "'Our intention with Power Balance was to establish a partnership that would raise the bar for traditional naming rights deals,' said Matina Kolokotronis, President of Business Operations for the Kings."
I guess the bar has been raised, in the sense of the most baldly corrupt sale of naming rights yet? (We'd have to check on that.) Ad Age estimates that the deal is probably worth about a million bucks a year for the Kings, and also points out that the Kings suck and they probably couldn't get anything better. Yes: this professional basketball team could do no better than a company whosemarketing copy actually reads, "Power Balance is based on the idea of optimizing the body's natural energy flow, similar to concepts behind many Eastern philosophies. The hologram in Power Balance is designed to resonate with and respond to the natural energy field of the body."
Power Balance will presumably pay for the naming rights with revenue generated by selling their $30 plastic wristbands that don't do anything.