LA Lakers’ Home Arena Renamed After Crypto.com in $700M Deal
Key Takeaways
Crypto.com has acquired naming rights to the Staples Center in a $700 million deal. It will now be called the Crypto.com Arena.
The deal also sees LA Lakers and the LA Kings become official partners of the cryptocurrency exchange.
The naming rights deal is one of the biggest in sports history.
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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.
We’re extremely proud to announce that Staples Center, Los Angeles’ most iconic arena is getting a new name:
https://t.co/vCNztATkNg Arena
As part of this 20 year partnership, we’re also excited to welcome the @Lakers & @LAKings as our newest partners! pic.twitter.com/KCfYKySDRt
— Crypto.com (@cryptocom) November 17, 2021
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.”
Crypto.com has been on a marketing push in the sports world this year, teaming up with the likes of the UFC and Formula One. However, it is not the only crypto exchange to venture into sports naming rights deals. Earlier this year, FTX signed several high-profile sports partnerships. In March, the firm paid $135 million for naming rights to the Miami Heat’s home stadium, renaming it to the FTX Arena. In August, it also purchased naming rights to the football field at the California Memorial Stadium for $17.5 million.
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