Staples Center, the iconic home of the LA Lakers and Clippers since 1999 will be renamed Crypto.com Arena after the Singapore-based crypto exchange has scored one of the biggest naming rights deals in sports history.
The new branding of the multi-purpose, 20,000-seat venue in Los Angeles will be revealed on Christmas Day, the day of the NBA’s annual Christmas game, when the Los Angeles Lakers will host the Brooklyn Nets, while the current Staples Center insignias will be changed to the new name by June 2022.
For now, sports or music fans will see one clear change at the arena’s entrance, adjacent to the Magic Johnson statue, where 3,300 square feet will be dedicated to Crypto.com “activation space” featuring crypto-centric interactive experiences.
The Los Angeles Times, citing sources familiar with the matter, said that Crypto.com bought the naming rights to the arena for 20 years.
Kris Marszalek, Crypto.com’s chief executive, hopes the new name will be seen and accepted as a sign of the times because the next decade belongs to crypto and it also comes in a moment when crypto crossed the chasm into the mainstream.
The more than $700 million deal it stroke with the multinational sports and live entertainment company AEG is one of the biggest naming rights deals in sports history after $600 million SoFi Stadium’s deal and the LA Clippers’ $500 million deal on the Intuit Dome.
The terms of the deal also stipulate that Crypto.com becomes an official partner of the NBA’s Lakers and the NHL’s LA Kings. The crypto exchange is hardly a newcomer to the world of sports after signing a number of deals this year with Formula One and the UFC, among others.
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