Staples Center to be renamed Crypto.com Arena in an estimate $700 million deal for 20 years
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(Basketball news) The iconic Staples Center in Los Angeles, home to the L.A Lakers, LA Clippers, NHL’s Los Angeles Kings and Women’s NBA’s Los Angeles Sparks will be renamed after being in operation for 22 years to Crypto.com Arena, as announced by arena owners Anschutz Entertainment Group last night. According to multiple reports, it is estimated that the deal would cost $700 million with Crypto.com paying the sum over a 20 year period, however, the financial terms of the deal are not yet made public.
Ever since it opened in 1999, the 20,000 seat venue was named the Staples Center after a 20 year naming rights agreement was reached with American office-supplies retail company Staples Inc. That will end when the Lakers take on the Brooklyn Nets at the NBA’s annual Christmas showcase this December. Headquartered in Singapore, Crypto.com is a cryptocurrency platform which was founded in 2016 and has already invested heavily in the sports landscape globally, signing sponsorship deals with the UFC, Formula 1, Paris Saint-Germain, NHL's Montreal Canadiens and also purchasing the Philadelphia 76ers' uniform sponsorship patch.
The future Crypto.com Arena has been the go-to venue for many major events, not just restricted to sports. The venue has hosted 19 Grammy Awards ceremonies, concerts, important public events such as the memorials of Kobe Bryant and Michael Jackson as well as three NBA All-Star Games and two NHL All-Star Games. In the first three years of operation, the venue saw the Lakers win three successive NBA Championships along with three more in the subsequent years. WNBA team Los Angeles Sparks have also won three WNBA titles at the Staples Center while the Kings have won two Stanley Cup Championships in 2012 and 2014 at the venue.
After being unveiled as the Crypto.com Arena on Christmas Day, owners AEG will spend the next six months swapping the arena’s external signage for the 2022-2023 NBA, WNBA, NHL season. The venue is also said to be used for basketball events at the Olympics 2028 hosted in Los Angeles with Dan Beckerman, CEO of AEG saying “It’s the biggest of stages, we’re in the epicenter of the sports and entertainment world”.