The multi-purpose arena in Downtown Los Angeles, adjacent to the L.A. Live entertainment complex, is all set for a name change.
What has Staples Center been renamed to?
According to The Athletic’s Shams Charania, the ‘STAPLES Center’ will be renamed ‘Crypto.com Arena’ from Dec. 25, 2021.
Staples Center – the iconic home of the Los Angeles Lakers and Clippers among others since 1999 – will have a new name beginning Dec. 25: https://t.co/lur8Hbuv0r Arena. It’s believed to be the largest U.S. venue naming rights deal 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 huge player in the emerging world of Cryptocurrency.
The new name – Crypto.com Arena – will debut when the Los Angeles Lakers host the Brooklyn Nets in one of the NBA’s five marquee games on Christmas Day. The rest of the STAPLES Center signage is expected to be replaced by Jun. 2022.
Reported details on the enormous venue-naming rights deal
According to the LA Times, Crypto.com paid upwards of $700 million for the naming rights over the next 20 years. The valuation of the deal makes it one of the largest ever in professional sports history.
“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Kris Marszalek, Crypto.com’s chief executive told the LA Times.
As per the LA Times, AEG, the owner and operator of the arena, and Crypto.com are still working on the extent of the partnership beyond the naming rights, but integrating cryptocurrency payments within the arena may be on the horizon.
“It’s a bit of a match made in heaven when we think about the type of brands that we like to partner with,” Dan Beckerman, chief executive at AEG, said. “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 of sports and entertainment events.”
History of ‘STAPLES Center’
The STAPLES Center has been the home arena for the NBA’s Los Angeles Lakers and LA Clippers, the WNBA’s Los Angeles Sparks and the NHL’s LA Kings.
Inaugurated on October 17, 1999, then emerging STAPLES Inc. paid $100 million for the rights for 10 years. In 2009, STAPLES signed a deal for naming rights in perpetuity, however in 2019, AEG brought back the naming rights for an undisclosed sum.
Since its opening, the ‘STAPLES Center’ has hosted seven NBA Finals series with the Lakers, the 2012 and 2014 Stanley Cup Finals, three WNBA Finals, the 2002 U.S. Figure Skating Championships, the 52nd and 62nd NHL All-Star game, and three NBA All-Star Games (2004, 2011 and 2018).