Mark Cuban Calls The ‘Power Balance Bracelet’ A Huge Scam [VIDEO]
Dallas Mavericks owner and entrepreneur Mark Cuban blasted a wellness-promoting bracelet on the reality show “Shark Tank” in February and he is sticking to his guns with a similar bracelet endorsed by the NBA.
“No, I’m allergic to scams,” Cuban said to a wannabe entrepreneur in the February episode of “Shark Tank” who proposed a business venture for a bracelet that purportedly unlocked ions to promote the body’s natural energy. “Seriously, this is not new. It’s been disproven. What you saw is the placebo effect. There’s athletes that wear it. It’s a joke. It’s a scam. It’s not real.”
Since then, the NBA engaged in a marketing deal with Power Balance LLC, which markets similar bracelets that include a hologram, said to promote Eastern health and wellness principles, boosting the wearer’s strength, balance and flexibility. In the business venture, Power Balance manufactures bracelets with each of the NBA’s 30 teams’ logos in the bracelet hologram, which are sold on the league’s official Web site for $32.99 each. As part of the deal, NBA players are encouraged to wear the bracelets, as well.
Cuban posted a Youtube video last week in which he not only criticized the Power Balance bracelets but also threw out the display case located in the Maverick’s locker room.
“See this stuff?” Cuban said in the video. “It was a scam when they were on ‘Shark Tank.’ It’s still a scam. I don’t care if the NBA was dumb enough to sign an agreement; this is going where it belongs.”
Cuban is not the first person to call the bracelets a scam. In fact, Power Balance filed for bankruptcy in federal court a year ago after angry consumers sued the company for false advertisement. The company ultimately paid a $57 million out-of-court class action settlement to consumers over the false claims of improved health.
The NBA has declined to comment on Cuban’s statements or his refusal to allow the product in the Mavs locker room. It is possible, however, that the organization will fine Cuban for making such negative remarks about its business partner.