Staples Center in LA Changes Name to Crypto.com Arena in $ 700 Million Deal | Currency News | Financial and business news

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The exterior of Staples Center in Los Angeles in November 2021

Kirby Lee-USA TODAY Sports via Reuters

The Staples Center sports complex in Los Angeles, home to the Lakers, Clippers, Kings and Sparks, will be renamed Crypto.com Arena. The crypto exchange has paid more than $ 700 million for 20-year naming rights, the LA Times reported. With the name change, which will begin on December 25, the Singapore-based company is following FTX’s marketing initiatives.

The famous Staples Center sports complex in Los Angeles takes on a new name – Crypto.com Arena.

The Singapore-based crypto platform marked the marketing coup by signing a deal with site owner AEG for 20-year naming rights, the companies said on Tuesday.

On December 25, the official home of the NBA Los Angeles Lakers team will change its logo and signage in the arena for its clash with the Brooklyn Nets.

Three other professional sports teams – the LA Clippers of the NBA, the LA Kings of the NHL and the Los Angeles Sparks of the WNBA – also host their games in the stadium, which has been called the “Staples Center” since it opened in 1999. .

Crypto.com has shelled out over $ 700 million for the rights, The Los Angeles Times reported, citing sources familiar with the terms. The award makes it one of the most expensive name change deals in sports history, he said.

“Over the next several years, people will see this moment as when crypto broke the chasm into the mainstream,” Crypto.com CEO Kris Marszalek said, according to the report.

As part of the deal, Crypto.com listed the Lakers and Kings as official partners. The crypto exchange and the NFT market have been the subject of a marketing blitz and recently recruited Hollywood actor Matt Damon for a branding campaign aimed at boosting the growth of its 10 million existing users.

Other crypto companies are exploiting the world of sports to raise their profile. Sam Bankman-Fried’s exchange, FTX, secured the naming rights to the stadium from the Miami Heat in a $ 135 million deal and bought a Super Bowl 2022 ad, as part of an aggressive marketing campaign.

“Sports fans are twice as likely to know about crypto as non-sports fans,” said Bankman-Fried, CEO of FTX. “Sports enthusiasts are almost 3 times more likely. “

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