Crypto.com buys naming rights at Staples Center in LA

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The Staples Center in downtown Los Angeles, one of the most iconic sports and music venues built in the past 25 years, will be changing its name, stakeholders announced Tuesday night.

It will be called Crypto.com Arena following a deal with Staples Center owner AEG, the entertainment conglomerate associated with Denver billionaire Phil Anschutz, the cyber currency platform said in a statement.

The broader naming agreement also plans to make Crypto.com an “official cryptocurrency platform partner” for the Los Angeles Lakers and Los Angeles Kings, who play from home at the site, the site said. company.

The name takes effect December 25 as part of a 20-year deal, and a new logo will be unveiled that day, but it won’t be until around June for all external signage to reflect the new name, Crypto said. com.

“We were 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. Crypto.com CEO Kris Marszalek said in the company statement. .

The Singapore-based platform, where people can buy and sell cryptocurrencies, recently ran ads featuring actor Matt Damon.

The arena, with a capacity of 20,000 people, opened in 1999 as Staples and hosted the Lakers’ Championships, the Grammy Awards and Kobe Bryant memorial services for Michael Jackson.

It was developed, alongside AEG’s sister properties that are part of the LA Live complex, with help from a community redevelopment agency in the now-defunct city. Tax breaks were used to attract adjacent hotels, and the day-to-day operation of the city’s neighboring convention center was ultimately handed over to an AEG partner.

Dennis Romero writes for NBC News and is based in Los Angeles.

Kurt Chirbas contributed.

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