Staples Center Renamed Crypto.com Arena in $ 700 Million Deal – Deadline

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In what would be one of the biggest naming rights deals in U.S. history, the Staples Center in Downtown LA will become Crypto.com Arena, effective Christmas Day. The deal between the Hong Kong-based cryptocurrency exchange and AEG is worth $ 700 million, according to multiple reports. As part of the deal, Crypto.com becomes “an official partner of the Los Angeles Lakers and LA Kings cryptocurrency platform,” a statement from the trader said.

The deal becomes official on Christmas Day, which happens to be the NBA’s most publicized regular season game, a nationally televised contest between the Lakers and the Brooklyn Nets in the new LA arena. . The new building logo and the “premium branded areas of the arena including a 3,300 square foot activation space at the entrance to the building” will be unveiled on Christmas Day. Given the artist’s rendering of the arena released by Crypto.com, one would assume that the deal also includes the iconic banner on the roof of the building.

The deal guarantees official designations across LA LIVE, Microsoft Theater, The Novo, Los Angeles Lakers and Los Angeles Kings.

“This partnership represents the fastest growing cryptocurrency platform and largest live sports and entertainment company in the world, converging to drive the future of live sports and entertainment as well as the incredible legacy of this arena for decades to come, ”said Todd Goldstein, Chief Revenue Officer of AEG. “This 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 as Crypto.com to support our global fan base and local community. “

Crypto.com bills itself as “the first official cryptocurrency sponsor and NFT partner of UFC and F1 … the first to partner with an NHL team (Montreal Canadiens) and the first to partner with associate with a professional sports league (Lega Serie A). He claims to have over 10 million customers. The company was founded in 2016 and recently launched a global campaign featuring Matt Damon to officially introduce the platform.

“We are very excited to partner with AEG and invest for the 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 fuel the future of world-class sports. , entertainment and technology for fans in Los Angeles and around the world, ”said Kris Marszalek, co-founder and CEO of Crypto.com.

The Staples Center opened in 1999 and is home to the NBA Lakers and Los Angeles Clippers, the Los Angeles Kings of the NHL and the Los Angeles Sparks of the WNBA. It is one of the main concert halls in the country and has been the site of 19 of the last 21 Grammy Awards. It cost $ 375 million to build.

The $ 700 million deal looks good for AEG, given that it is nearly double that $ 375 million construction cost and the Staples Center (for now) is no longer the only arena upscale sports car in town. Rams owner Stan Kronke recently opened the $ 5 billion SoFi Center in Inglewood. Nearby, Clippers owner Steve Ballmer recently opened a multi-billion dollar arena for his team.

City News Service contributed to this report.

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