LA Lakers’ Home Arena Renamed After Crypto.com in $700M Deal
Crypto.com has paid $700 million to secure a 20-year naming rights agreement for LA’s iconic Staples Center, renaming it to the Crypto.com Arena.
Crypto.com Renames Staples Center
Crypto.com has signed one of the biggest naming deals in sports history.
The exchange announced that it had secured the naming rights for Los Angeles’ iconic Staples Center Tuesday. The venue will now be called the Crypto.com Arena.
The 20-year naming rights deal with sports and live entertainment company AEG is not limited to the venue’s name. Crypto.com will also become an official cryptocurrency platform partner of the NBA’s LA Lakers and the NHL’s LA Kings, the two teams that currently occupy the venue.
AEG and Crypto.com will officially unveil the center’s new logo and arena signage on Christmas Day when the LA Lakers take on the Brooklyn Nets at the newly named arena.
Although the $700 million deal includes more than just the Staples Center naming rights, it is also significant in that it is the biggest naming rights deal in sports history. Until now, the highest amount paid for the naming rights of a sports stadium sat at $635.5 million, when the Bank of Nova Scotia renamed Toronto’s Air Canada Centre to the Scotiabank Arena in 2017.
Crypto.com Co-Founder and CEO Kris Marszalek commented on the historic deal, saying:
“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 so that cryptocurrency can power the future of world-class sports, entertainment, and technology for fans in LA and around the world.”
