The home of the Los Angeles Lakers and Los Angeles Clippers is getting a new name. On Tuesday night, arena owner AEG announced that the Staples Center will be called Crypto.com Arena starting Christmas Day. Crypto.com is paying $700 million over 20 years to rename the building, according to ESPN. It is believed to be the biggest naming rights deal in sports history.
"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 in a press release. "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."
The arena, which is also home to NHL's Los Angeles Kings and WNBA's Los Angeles Sparks, has been called Staples Center since it opened in 1999. The naming rights to the 20,000-seat arena have been owned by the office-supplies retail company (Staples) under a 20-year agreement.
"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."
Crypto.com is a cryptocurrency platform and exchange founded in 2016. Over the last year, Crypto has gained sponsorship with UFC, Formula One, Italy's Serie A, Paris St-Germain and the NHL'S Montreal Canadiens. The name change will take place when the Lakers host the Brookly Nets as part of the NBA's annual Christmas showcase. The Clippers will not be in the arena for too long as they are set to play a new 18,000-seat arena in Inglewood, California in 2024.