LOS ANGELES (CBSLA) – Staples Center, the iconic arena in downtown Los Angeles, which has been the home to the Lakers, Clippers and Kings since 1999, will be renamed Crypto.com Arena in what is believed to be the largest naming rights deal in history.
Staples originally paid $120 million for a 20-year naming rights deal in 1999. Crypto.com will pay $700 million for a 20-year naming rights deal according to Arash Markazi.
A source confirmed to CBSLA that the name change will happen on Christmas Day. A formal press release is expected to be released soon.
“Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment,” said Crypto.com Co-Founder and CEO, Kris Marszalek. “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.”
According to Crypto.com, “the new agreement includes official designations across Crypto.com Arena, L.A. LIVE, Microsoft Theater, The Novo, the Los Angeles Lakers and the LA Kings, strategically placing the fastest growing crypto platform at the forefront of the global sports and live-entertainment industry for the next 20 years.”
“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” said Todd Goldstein, Chief Revenue Officer of AEG. “It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community.”
Read more about this historic partnership:https://t.co/hxRi1dZRqu
— Crypto.com (@cryptocom) November 17, 2021
Via @axios: AEG “quietly bought back the naming rights from Staples, owned by 2019 by private equity firm Sycamore Partners… Staples originally paid $120 million for a 20-year naming rights deal in 1999.” Crypto-com will pay $700 million for a 20-year deal for Crypto-com Arena. pic.twitter.com/mGpTg6rlt0
— Arash Markazi (@ArashMarkazi) November 17, 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