Staples Center to be renamed Crypto.com Arena
Staples Center is changing its name to Crypto.com Arena. After decades, the center will be using its new name starting on Christmas Day.
While everyone was familiar with the name Staples Center, the name change came after 22 years of operation. The Arena owner AEG made an official announcement Tuesday night. While it’s home to downtown Los Angeles of NBA Clippers and Lakers, the NHL’s Kings and WNBA’s Sparks share the same home court.
While it’s been a 20-year naming rights deal, the name changing marks the end of an era. The Staples Center has had its original name since its 1999 opening. The 20,000-seat facility adapts to the change of times by getting a new name.
The iconic Staples Center will be renamed https://t.co/eTYoxKMAU8 arena in December.
The crypto exchange is paying $700 million for the naming rights.
That’s nearly double the $375 million that it cost to build the arena in 1999.
These crypto companies aren’t messing around. pic.twitter.com/tqOaO0biFj
— Joe Pompliano (@JoePompliano) November 17, 2021
While the modern time’s trend is now all about cryptocurrencies and their growing value, several companies have come out virtually helping investors trade digital currencies. Crypto.com is one of the huge names in the crypto sector.
Crypto.com is a cryptocurrency exchange and platform that was established in 2016. Although the Singapore-based company has closed other sporting deals in the current years, Crypto.com also became the official crypto sponsor of the Ultimate Fighting Championship and Formula 1 racing. Aside from its sponsorship deals with the UFC, Paris St-Germain, the crypto platform also purchased the Philadelphia 76ers’ uniform sponsorship patch.
AEG’s chief revenue officer Todd Goldstein said in a press release “This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment as well as the incredible legacy of this arena for decades to come.”
Vanessa Bryant on Staples Center being renamed Crypto .com Arena pic.twitter.com/EuXQ2CBtL1
— Ballislife.com (@Ballislife) November 17, 2021
A source who knows about the deal between Staples Center and Crypto.com reveals that Crypto.com is paying $700 million for 20 years to rename the building. The person who relayed these bits of details spoke with anonymity.
The grand arena
The parties aren’t publicly announcing the terms of the agreement. However, this is believed to be the most expensive naming rights deal in the name of sports history.
While the naming rights are previously owned by the American office-supplies retail company, the official name change won’t happen until the NBA’s annual Christmas showcase. The name change will take place when the Lakers host the Brooklyn Nets.
The sports and entertainment group AEG has majority stake ownership of the Kings. They also had a share in the Lakers until last summer. They are the ones behind the arena that became the venue for major events in the metropolitan area.
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Aside from its sports tenants, the historical arena has held three NBA All-Star Games, nineteen Grammy Awards, two NHL All-Star Games. In addition, Staples Center has also hosted numerous high-profile concerts, important public events, and performances. Some of the famous ones are memorials for Kobe Bryant, Michael Jackson, and Nipsey Hussle.
As it’s the Laker’s home court, they have brought victory at Staples Center with six NBA championships and three straight in the first three years of operation. While the Sparks have also won three WNBA titles at the huge arena. The Kings also won their first two Stanley Cup championships in 2012 and 2014 at the Staples Center.
While the Clippers is a Staples Center resident too, they will just stay shortly at Crypto.com Arena. As they’ll be opening the $1 billion, 18,000-seat Induit Dome in 2024 when their lease at Staples Center finishes.
