Lakers’ Staples Center to be renamed ‘Crypto.com Arena’ in $700 million deal

Lakers' Staples Center to be renamed 'Crypto.com Arena' in $700 million deal
11 months ago
2 mins read

Following an agreement with Singapore-based cryptocurrency company Crypto.com for an estimated $700 million, the Staples Center, the home of the Los Angeles Lakers, will be renamed ‘Crypto.com Arena’ next month, according to an official statement published on November 17.

In a groundbreaking 20-year naming rights agreement, Crypto.com, one of the world’s fastest-growing cryptocurrency platforms, and AEG, one of the world’s leading sports and live entertainment companies, have renamed the Staples Center, as per an announcement released by Crypto.com. 

The venue is owned and operated by AEG and is one of the world’s most iconic and internationally recognized sports and entertainment venues. The historic sporting venue will be known as the Crypto.com Arena as of Christmas Day, although the renaming would go into effect on December 25, Crypto.com would not make changes to the venue’s signage until June 2022. 

Crypto.com Arena. Source: blog.crypto.com

Crypto.com to partner Lakers and Kings

Indeed, the signing of a new naming rights agreement for the iconic Los Angeles venue formerly known as Staples Center, AEG, and Crypto.com will help shape the future of the Creative Capital of the Sports, Music, and Entertainment World.

While the Staples Center is best known as the home of the Los Angeles Lakers, it is also the home of the Los Angeles Clippers, the Los Angeles Sparks of the WNBA, and the Los Angeles Kings of the National Hockey League. Along with New York’s Madison Square Garden, it is one of the most well-known entertainment venues in the United States. 

As a result of this deal, Crypto.com has been designated as the official cryptocurrency platform partner of the Los Angeles Lakers and the Los Angeles Kings.

The 20,000-seat, award-winning arena has reinvented and rejuvenated downtown Los Angeles while also helping establish the industry standard for best-in-class facilities management for other premier venues across the globe.

Each year, the iconic venue hosts more than 240 significant high-profile events of national and international significance, bringing in more than 4 million people in total. Events include anything from professional sports to concerts, award ceremonies, boxing, and other unique events like the GRAMMYs, NBA All-Star Games, and NHL All-Star Games.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.