Downtown Los Angeles, home of the NBA Lakers and Clippers, NHL Kings and WNBA Sparks, will change its name after 22 years in business, the arena owner announced Tuesday night AEG.
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 as the parties do not publicly announce the terms of what is believed to be the richest naming rights agreement in sports history.
The 20,000-seat arena has been the Staples Center since it opened in October 1999, with the naming rights held by the US office supply retailer under a 20-year deal. The name will change when the Lakers welcome the Brooklyn Nets to the NBA’s annual Christmas showcase.
Crypto.com is a cryptocurrency exchange and platform headquartered in Singapore. Founded in 2016, Crypto.com has seen a spate of spending in the global sports landscape over the past year. The platform signed high-visibility sponsorship deals with Formula 1, UFC, Italian Serie A, Paris St-Germain and the NHL Montreal Canadiens – while also purchasing the sponsorship patch in the Philadelphia 76ers uniform.
AEG, the sports and entertainment conglomerate which owns a majority of the Kings and had a stake in the Lakers until last summer, built the arena which quickly became a famous setting for major events in the second most large metropolitan area of the United States.
In addition to 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 landmarks. commemorations for Michael Jackson, Nipsey Hussle and Kobe Bryant.
The Lakers have won six NBA championships during their tenure in the cavernous arena, including three in a row in their first three years in business. Banners commemorating the Lakers’ 17 NBA titles hang high on the walls above the playing floor, offering what might be the building’s most distinctive interior feature.
The Sparks won three WNBA titles at Staples Center, and the Kings won their first two Stanley Cup championships there in 2012 and 2014, winning both at home.
The Clippers will be short films at Crypto.com Arena. They are expected to open owner Steve Ballmer’s $ 1 billion, 18,000-seat Intuit Dome in Inglewood in 2024 when their lease at Staples Center expires. The Sparks could also leave downtown at that time, although nothing has been decided.