US $700M Dunked Into The Crypto Corn Arena

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The Staples Center will be renamed. It will be Crypto.com Arena starting on the day of Christmas.

After 22 years of operation, the arena that houses the NBA’s Lakers and Clippers, the NHL’s Kings, and the WNBA’s Sparks will change its name, according to arena owner AEG.

Crypto.com is paying $700 million over 20 years to rename the building, according to a source familiar with the deal. Because the parties are not officially unveiling the specifics of what is thought to be the largest naming rights deal in sports history, the individual commented on the condition of anonymity.

Since its opening in October 1999, the 20,000-seat arena has been known as the Staples Center, with the name rights held by the US office-supplies retailer under a 20-year arrangement. When the Lakers take on the Brooklyn Nets in the NBA’s annual Christmas exhibition, the name will change.

Crypto.com is a bitcoin exchange and platform based in Singapore. Since its debut in 2016, Crypto.com is now on a global purchase spree in the sports industry.

Formula One, the UFC, Italy’s Serie A, Paris St-Germain, and the NHL’s Montreal Canadiens have all signed high-profile sponsorship deals with the platform, which also purchased the Philadelphia 76ers’ jersey sponsorship patch.

The arena was developed by AEG, the sports and entertainment organization that owns the Kings and had a share in the Lakers until the middle of this year. It rapidly became a famous site for important events in the United States’ second-largest metropolitan region.

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The arena has held 19 Grammy Awards ceremonies, three NBA All-Star Games, two NHL All-Star Games, and other elevated concerts, performances, and major public occasions, including Michael Jackson, Nipsey Hussle, and Kobe Bryant tributes, in addition to its sports tenants.

The Lakers have won six NBA championships in their tenure at the mammoth facility, including three in a row in the first three years. Banners celebrating the Lakers’ 17 NBA championships hang high above the playing floor, creating the building’s most prominent interior feature.

The Staples Center has hosted three WNBA championships, and the Kings won their first two Stanley Cup championships there in 2012 and 2014, both on home ice.

The Clippers will be playing at Crypto.com Arena for the first time. When their contract at the Staples Center expires in 2024, they’ll move to Steve Ballmer’s $1 billion, 18,000-seat Intuit Dome in Inglewood. Although no decision has been made, the Sparks may leave downtown at that time.

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