SACRAMENTO (CBS13) – Power Balance Pavilion will now be called Sleep Train Arena after Sacramento Kings announced on Monday a new naming rights deal with Rocklin-based mattress company.
It's no surprise the Kings have reached a naming rights agreement. But what's eye-opening is despite the team's uncertain future in Sacramento, the Sleep Train agreement is for five years.
"The future is undisclosed of where they're going, but we believe they'll be here a long time," Sleep Train owner Dale Carlsen said.
Unlike many fans, Carlsen believes the Kings are staying. That's why the longtime season-ticket holder bought the arena naming rights.
"We wanted to show that the local community does invest in the Kings, the local community does want an NBA team, and the nba knows that," he said.
Sleep Train does have an out in the contract if the team relocates. Terms of the deal weren't announced.
The Kings arrived Sacramento in 1985, the same year Carlsen started Sleep Train. Since then, the mattress retailer has expanded into five states with close to 250 stores.
"It's a homegrown company, a very stellar reputation of being a good corporate citizen," said Jeff David, the Kings' vice president of marketing.
By November the Kings hope to completely rebrand "Sleep Train Arena," ending a failed partnership with Power Balance. The wristband company filed for bankruptcy last November.
"There was a process we needed to get through so even when they announced they were in bankruptcy we had to determine what was going to happen throughout the bankruptcy," David said.
For Carlsen, the biggest draw to the deal are the new opportunities for the Sleep Train foster kids, a program that supports foster children in the region.
"This allows us to have drives out there for shoes or pajamas or toys, or even cash that can help foster kids go through their lives," he said.
As far those old Arco Arena signs on the side of the freeway, a Kings spokesperson said they're working to finally get those changed as well.
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