The globally renowned Staples Center, home to the NBA Games of the LA Lakers and the LA Clippers, has just struck a naming rights deal that will rename the stadium’s name to Crypto.com Arena.

The deal is reportedly worth US$700m and takes effect on December 25, 2021. It is part of a 20-year agreement, and a new logo will also be unveiled on Christmas Day 2021.

 

About Crypto.com

Crypto.com is a cryptocurrency platform founded in Singapore in 2016 and has, in the past, shown strong interest in acquiring high-visibility sponsorship deals in the global sports landscape.

The platform has inked numerous deals with the likes of Formula 1, Serie A and Paris Saint-Germain, while also sponsoring the Philadelphia 76ers’ uniform sponsor patch.

Crypto.com struck the Staples Center deal with the stadium’s owner and sports and entertainment conglomerate, AEG (Anschutz Entertainment Group).

“We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways,” Crypto.com CEO Kris Marszalek said in the company’s statement.

 

History of Staples Center

Staples Center is a world-class sports and entertainment venue, which opened on October 17, 1999, with a Bruce Springsteen & The E Street Band concert. It has been home to four professional franchises and hosts over 250 events and 4 million guests annually. These events include professional sports like the NBA and boxing, the GRAMMYs, and even live events and family shows.

The Staples Center has had a long list of iconic moments in the history of the sports and music entertainment industries and will certainly go down as one of the greatest event-holding arenas ever.