Friday, August 12, 2022

Staples Center is changing its name to Crypto.com Arena

LOS ANGELES (NWN) — Staples Center is getting a new name. From Christmas Day, it will be the Crypto.com Arena.

The Downtown Los Angeles home of the NBA’s Lakers and Clippers, the NHL’s Kings and the WNBA’s Sparks will change their names after 22 years in operation, arena owner AEG announced Tuesday night.

A person with knowledge of the deal tells 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 are not publicly announcing the terms of what is believed to be the richest naming rights deal in sports history.

The 20,000-seat arena has been the Staples Center since it opened in October 1999, with naming rights owned by the American office-supply retailer under a 20-year agreement. The name will change when the Lakers host the Brooklyn Nets at the NBA’s annual Christmas Showcase.

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Crypto.com is a cryptocurrency platform and exchange headquartered in Singapore. Founded in 2016, Crypto.com has been on a spending spree in the global sports landscape over the past year. The platform has signed high-visibility sponsorship deals with Formula One, the UFC, Italy’s Serie A, Paris Saint-Germain and the NHL’s Montreal Canadiens – while also buying the Philadelphia 76ers’ uniform sponsorship patches.

AEG, the sports and entertainment conglomerate that owns a majority of the Kings and a stake in the Lakers until last summer, built the arena that quickly became a well-known venue for major events in America’s second largest metropolitan area.

Along with its sports tenants, the arena has hosted 19 Grammy Award ceremonies, three NBA All-Star Games, two NHL All-Star Games, and countless high-profile concerts, performances, and important public events, including Michael Jackson, Nipsey Hussle, and Includes monuments. Kobe Bryant.

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The Lakers have won six NBA championships during their tenure at the Caverns Arena, including three straight in their first three years of operation. Banners commemorating the Lakers’ 17 NBA titles hang high on the walls above the playing floor, providing the building’s most distinctive interior feature.

The Sparks have won three WNBA titles while at Staples Center, and the Kings won their first two Stanley Cup championships in 2012 and 2014, both on home ice.

The Clippers will be short-timers at the Crypto.com Arena. They are scheduled to open owner Steve Ballmer’s $1 billion, 18,000-seat Intuit Dome in Inglewood in 2024, when his Staples Center lease expires. Sparks could also leave town then, although nothing has been decided.

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More NWN Sports: https://apnews.com/hub/sports and https://twitter.com/AP_Sports

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Nation World News Desk
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