The name of the 20,000-seat venue will change when the Lakers host the Brooklyn Nets in the NBA’s Christmas showcase.
Staples Center gets a new name. From Christmas it will be the Crypto.com Arena.
Downtown Los Angeles, home of the Lakers and Clippers of the NBA, the Kings of the NHL and the Sparks of the WNBA, will change its name after 22 years of operation, said arena owner AEG on Tuesday evening.
One person with knowledge of the deal told The Associated Press that Crypto.com is paying $ 700 million over 20 years to rename the building. The person spoke on condition of anonymity because the parties did not publicly disclose the terms of what is believed to be the richest naming agreement in sports history.
The 20,000-seat arena has been the Staples Center since it opened in October 1999, with naming rights under a 20-year contract owned by the US office supply retailer. The name will change when the Lakers host the Brooklyn Nets at the NBA’s annual Christmas showcase.
Crypto.com is a cryptocurrency platform and exchange headquartered in Singapore. Crypto.com was founded in 2016 and was on a shopping spree in the global sports landscape last year. The platform has signed highly visible sponsorship deals with Formula 1, the UFC, the Italian Serie A, Paris St-Germain and the Montreal Canadiens of the NHL – while also purchasing the unified sponsorship patch for the Philadelphia 76ers.
AEG, the sports and entertainment group that holds a majority stake in the Kings and held a stake in the Lakers until the middle of this year, built the arena, which quickly became a famous setting for major events in the second largest US metropolis.
Along with its sports tenants, the arena has hosted 19 Grammy Awards, three NBA All-Star Games, two NHL All-Star Games, and countless high-profile concerts, performances, and major public events, including memorials to Michael Jackson, Nipsey Hussle, and Kobe Bryant.
The Lakers have won six NBA championships during their tenure at the cave arena, including three in a row in the first three years of operation. Banners commemorating the Lakers’ 17 NBA titles hang high on the walls above the playing area and are perhaps the building’s most distinctive feature.
The Sparks have won three WNBA titles at the Staples Center, and the Kings won their first two Stanley Cup championships there in 2012 and 2014, both on home ice.
The Clippers will be short-time workers in the Crypto.com arena. They are slated to open the 18,000-seat Intuit Dome owned by Steve Ballmer in Inglewood in 2024 when their lease for the Staples Center expires. The Sparks could then also leave the city center, although nothing has been decided yet.