SACRAMENTO (CBS13/AP) – The owners of the Sacramento Kings have confirmed that a deal to change the name of the local NBA team’s home court will soon take effect.

In a statement released Tuesday evening, Maloof Sports & Entertainment said a broad agreement to promote sports performance company Power Balance will include changing the name of ARCO Arena to “Power Balance Pavilion.”

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ARCO, the gasoline station franchise owned by BP, announced earlier they planned to end their 25-year branding of the Kings’ arena.

California-based Power Balance inked a five-year deal that will be “actively supporting the league’s comprehensive health and wellness program that encourages physical activity and healthy living for children and families through grassroots programs and events, products and promotional opportunities.”

Power Balance sells a high profile line of wristbands, bracelets and pendants with embedded holograms the company claims improves athletic performance through holistic methods.

“Power Balance is based on the idea of optimizing the body’s natural energy flow,” according to the company’s website. “The hologram in Power Balance is designed to resonate with and respond to the natural energy field in the body.”

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A number of high profile athletes swear by the wristbands’ effects, but the company made headlines last week when they were forced to admit there is no science that backs up their advertising claims.

“In our advertising we stated that Power Balance wristbands improved your strength, balance and flexibility. We admit that there is no credible scientific evidence that supports our claims and therefore we engaged in misleading conduct,” the company said in a statement.

Critics railed against the company on Twitter and those who had believed in the bracelet’s power.

The company unleashed a torrent of its own tweets, playing off the word “admit.”

In one, it said: “Power Balance Admits products have been worn during the last world series, nba finals and super bowl champions!”

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The name change will take effect on March 1, 2011.