Staples Center is getting a new name. Starting Christmas Day, it will be 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 its name after 22 years of 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 aren’t publicly announcing the terms of what’s believed to be the richest naming rights deal in sports history.
Renaming the Staples Center
Since its opening in October 1999, the 20,000-seat arena has been known as the Staples Center, with the naming rights held by the American office-supplies retailer under a 20-year agreement. When the Lakers take on the Brooklyn Nets in the NBA’s annual Christmas showcase, the name will change.
Crypto.com is a cryptocurrency exchange and platform based in Singapore. Since its inception in 2016, Crypto.com has been on a shopping binge across the global sports sector. Formula One, the UFC, Italy’s Serie A, Paris St-Germain, and the NHL’s Montreal Canadiens have all signed high-profile advertising deals with the platform, which also bought the Philadelphia 76ers’ jersey sponsorship patch.
About the Arena
The arena was developed by AEG, the sports, and entertainment organization that owns the Kings and had a share in the Lakers until this summer. It soon became a famous venue for important events in the United States’ second-largest metropolitan region.
The arena has held 19 Grammy Awards ceremonies, three NBA All-Star Games, two NHL All-Star Games, and other high-profile concerts, performances, and important public events, including Michael Jackson, Nipsey Hussle, and Kobe Bryant memorials, in addition to its sports tenants.
During their time in the colossal arena, the Lakers have won six NBA titles, including three in a row in the first three years. Banners celebrating the Lakers’ 17 NBA championships hang high above the playing floor, creating the building’s most prominent interior feature.
The Staples Center has hosted three WNBA championships, and the Kings won their first two Stanley Cup championships there in 2012 and 2014, both on home ice.
The Clippers will be making their first appearance at Crypto.com Arena. When their lease at Staples Center expires in 2024, they’ll move to Inglewood to open Steve Ballmer’s $1 billion, 18,000-seat Intuit Dome. The Sparks could potentially leave downtown at that time, though no decision has been made.