Staples Center Changes Its Name To Crypto.com Arena

Staples Center Changes Its Name To Crypto.com Arena

LOS ANGELES (AP) — Staples Center to be renamed. From Christmas Day it will be the Crypto.com Arena.

Downtown Los Angeles, home to the NBA’s Lakers and Clippers, the NHL’s Kings and the WNBA’s Sparks, will change name after 22 years of operation, arena owner AEG announced Tuesday evening.

A person with knowledge of the deal tells The Associated Press that Crypto.com will pay $700 million over 20 years to rename the building. The person spoke on condition of anonymity as the parties did not publicly announce the terms of what is believed to be the richest naming deal in sports history.

The 20,000-seat arena has been the Staples Center since it opened in October 1999, with naming rights owned by the American stationery retail company under a 20-year deal. The name will change when the Lakers host the Brooklyn Nets in the NBA’s annual Christmas show.

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Crypto.com is a cryptocurrency platform and exchange headquartered in Singapore. Founded in 2016, Crypto.com has spent a lot of money in the global sports landscape over the past year. The platform has signed highly visible sponsorship deals with Formula 1, the UFC, Italian Serie A, Paris St-Germain and the NHL Montreal Canadiens – while also purchasing the Philadelphia 76ers uniform sponsorship patch.

AEG, the majority-owned sports and entertainment conglomerate in the Kings and owned the Lakers until last summer, built the arena that quickly became a famous setting for major events in the US’s second-largest metropolitan area.

Along with its sports tenants, the arena has hosted 19 Grammy Awards ceremonies, three NBA All-Star Games, two NHL All-Star Games, and numerous 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 in the cavernous arena, including three in a row in their first three years in business. Banners commemorating the Lakers’ 17 NBA titles hang high on the walls above the playing floor, perhaps the building’s most distinctive interior design 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 timers in the Crypto.com Arena. They are slated to open the $1 billion, 18,000-seat Intuit Dome owned by owner Steve Ballmer in Inglewood in 2024, when their Staples Center lease expires. The Sparks could also leave the center, although nothing has been decided yet.

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