Staples Center changes its name to Crypto.com Arena
Angels Staples Center gets a new name. Starting on Christmas Day, it will be the Crypto.com arena.
Owner AEG announced Tuesday night that the Lakers and Clippers’ home in downtown Los Angeles, the home of the NHL’s Kings and WNBA’s Sparks will change its name after 22 years in operation.
A person familiar with the deal told The Associated Press that Crypto.com is paying $700 million over 20 years to rename the building. The person spoke on condition of anonymity because the parties do not publicly announce the terms of what is believed to be the richest naming rights deal in the history of the sport.
The 20,000-seat arena has been Staples Center since it opened in October 1999, with the naming rights owned by the US office supply retailer under a 20-year agreement. The name will change when the Lakers host the Brooklyn Nets at the annual NBA Christmas Show.
Crypto.com is a cryptocurrency and exchange platform headquartered in Singapore. Founded in 2016, Crypto.com has been on a spending spree across the global sports scene for the past year. The platform has struck high-profile sponsorship deals with Formula One, the UFC, Italy’s Serie A, and the NHL’s Paris St-Germain and Montreal Canadiens — while also buying the Philadelphia 76ers’ sponsorship patch.
AEG, the sports and entertainment group that owns the majority of Kings ownership and has a stake in the Lakers until last summer, built the arena that quickly became a popular venue for major events in the second largest metropolitan area in the United States.
Besides its athletic tenants, the arena has hosted 19 Grammy Awards ceremonies, three NBA All-Star games, two NHL All-Star games and countless concerts, performances, and important public events, including memorials to Michael Jackson, Nipsey Hussle, and Kobe Bryant.
The Lakers won six NBA championships during their time in the cave, including three consecutive championships in their first three years of operation. Signs commemorating the Lakers’ 17 NBA titles hang high on the walls above the playing floor, providing what may be the building’s most distinctive interior feature.
The Sparks won three WNBA titles while at Staples Center, and the Kings won their first Stanley Cup championships in 2012 and 2014 there, both winning on ice at home.
The clippers will be temporarily in the Crypto.com Arena. Steve Ballmer’s $1 billion, 18,000-seat owner Intuit Dome is set to open in Inglewood in 2024 when Staples Center’s lease expires. Sparks could also leave downtown at that time, though nothing has been decided upon.
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