The multi-purpose arena in downtown Los Angeles, adjacent to the LA Live entertainment complex, is set to change its name.
How was Staples Center renamed?
According to The Athletic’s Shams Charania, the “STAPLES Center” will be renamed “Crypto.com Arena” from December 25, 2021.
Staples Center – the iconic home of the Los Angeles Lakers and Clippers among others since 1999 – will have a new name from December 25: https://t.co/lur8Hbuv0r Arena. It is believed to be the largest site naming rights deal in the United States to date.
– Shams Charania (@ShamsCharania) November 17, 2021
Crypto.com, a five-year-old company with over 10 million users and nearly 3,000 employees, is a major player in the emerging cryptocurrency world.
The new name – Crypto.com Arena – will debut when the Los Angeles Lakers host the Brooklyn Nets in one of the NBA’s five flagship games on Christmas Day. The rest of the STAPLES Center signage is expected to be replaced by June 2022.
Details reported on huge deal on site naming rights
According to the LA Times, Crypto.com paid over $ 700 million for naming rights over the next 20 years. The valuation of the transaction makes it one of the largest ever in the history of professional sport.
“Over the next several years, people will see this moment as when crypto broke the chasm into the mainstream,” Kris Marszalek, chief executive of Crypto.com told the LA Times.
According to the LA Times, AEG, the owner and operator of the arena, and Crypto.com are still working on the scope of the partnership beyond naming rights, but integrating cryptocurrency payments into the arena. could be on the horizon.
“It’s kind of a perfect match when we think about the type of brands we like to partner with,” said Dan Beckerman, CEO of AEG. “Crypto.com is looking for the most unique branding platform to make a statement and drive adoption, and we’re looking for an innovative, forward-thinking company to help us chart a course for the full future. sporting and entertainment events. “
The history of the “STAPLES Center”
The STAPLES Center was home to the Los Angeles Lakers and LA Clippers of the NBA, the Los Angeles Sparks of the WNBA and the LA Kings of the NHL.
Opened on October 17, 1999, then fledgling STAPLES Inc. paid $ 100 million for rights for 10 years. In 2009, STAPLES signed an agreement for the naming rights in perpetuity, but in 2019, AEG reduced the naming rights for an undisclosed amount.
Since its opening, the “STAPLES Center” has hosted seven series of NBA Finals with the Lakers, the 2012 and 2014 Stanley Cup Finals, three WNBA Finals, the 2002 US Figure Skating Championships, the 52nd and 62nd All-Star Games. the NHL and three NBA All-Star Games (2004, 2011 and 2018).