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The iconic Staples Center in Los Angeles – home of the Los Angeles Lakers, Clippers, Sparks and Kings – gets a new name: Crypto.com Arena. The establishment broke the news on Wednesday, saying the new name would take effect on December 25.
The arena’s new name is part of what officials are calling a “landmark” 20-year naming rights deal between AEG and Crypto.com. The deal, according to a press release, also dubbed Crypto.com the “official cryptocurrency platform partner of the Los Angeles Lakers and LA Kings.”
The partnership “underscores the growing influence and widespread adoption of Crypto.com’s cryptocurrency platform and NFT marketplace around the world,” the statement said.
The deal will cost $ 700 million over the next two decades, according to the Los Angeles Times, and is considered the biggest naming rights deal in history.
A new logo and other goodies for the arena will be unveiled on Christmas Day, the announcement said, when the Lakers play against the Brooklyn Nets, and the venue’s exterior signage will be replaced by June 2022.
AEG and https://t.co/mht717OBXs announce their historic naming rights partnership for one of the world’s most iconic live sports and entertainment venues, formerly known as STAPLES Center. To view the full press release visit: https://t.co/jWHLBF7YUv pic.twitter.com/Q6OhDTIZu7
– STAPLES Center (@STAPLESCenter) November 17, 2021
Crypto.com Co-Founder and CEO Kris Marszalek said Los Angeles and its people “have always been pioneers, pushing boundaries and innovating as undeniable world leaders in culture and entertainment.”
“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,” Marszalek said, “and using our platform – shapes in new and creative ways so that cryptocurrency can power the future of world-class sports, entertainment and technology for fans in Los Angeles and around the world. ”
Staples Center got its name in 1999, when Staples paid $ 120 million for a 20-year naming rights deal, according to CBS Los Angeles. The arena has hosted eight championship teams since its inception and has hosted a number of iconic events, including the Grammy Awards each year since the arena opened. He is also slated to be part of the 2028 Olympics, according to CBS Sports.
The name change, however, didn’t go well with many Los Angeles sports fans.
“Never. Call. That. Crypto,” one person tweeted. “I can’t handle a name change for the house Kobe built. It’s Staples Center forever.”
Vanessa Bryant, the wife of the late great Lakers Kobe Bryant, who died with their 13-year-old daughter Gianna in a helicopter crash in January 2020, posted a similar sentiment on her Instagram story. In addition to an article on the news of the name change, she wrote: “Still known as ‘The House Kobe Built’.”
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