Staples Center to be renamed Crypto.com Arena on Christmas Day – CBS Los Angeles

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LOS ANGELES (CBSLA) – Staples Center, the iconic arena in downtown Los Angeles, home to the Lakers, Clippers and Kings since 1999, will be renamed Crypto.com Arena in what is considered the largest naming rights agreement in history.

Staples initially paid $ 120 million for a 20-year naming rights agreement in 1999. Crypto.com will pay $ 700 million for a 20-year naming rights agreement, according to reporter Arash Markazi.

The change will take effect on Christmas Day. In a joint press release issued Wednesday by Staples Center owner AEG and Crypto.com, the companies said signage inside the arena will be officially changed when the Lakers face the Brooklyn Nets on Christmas Day. Exterior signage will be replaced by next June.

“Known as the Creative Capital of the World, the City of Los Angeles and the people who inhabit it have always been pioneers, pushing boundaries and innovating as undeniable global leaders in culture and entertainment,” said the co-founder of Crypto.com. and CEO, Kris Marszalek. “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 of LA and around the world.

Over the years, the Staples Center has often been dubbed the “house that Kobe built,” due to the fact that Kobe Bryant played there most of his NBA career and brought the Lakers five NBA titles in the process. Kobe’s widow Vanessa Bryant took to Instagram on Tuesday night, sharing a photo of Staples and writing: “Forever known as the house Kobe built.”

Clippers star Paul George reacted to the news Tuesday night after the Clippers’ victory over Spurs at Staples.

“I grew up with Staples, and Staples being the place to play and the place to be,” said George, who grew up in Palmdale. “It will definitely be weird. It’s the same place, but it’s kind of like removing history here and calling it something else.

“It will definitely be weird, luckily we won’t be around for too long,” added George, referring to the Clippers starting construction of their own arena in Inglewood, which is slated to open for the 2024-25 season.

According to Crypto.com, “The new deal includes official designations across Crypto.com Arena, LA LIVE, Microsoft Theater, The Novo, Los Angeles Lakers and LA Kings, strategically placing the fastest growing crypto platform. faster at the forefront of the global market. the sports and live entertainment industry for the next 20 years.

“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. “

Find out more about this historic partnership: https: //t.co/hxRi1dZRqu

– Crypto.com (@cryptocom) November 17, 2021

Via @axios: AEG “quietly bought the naming rights from Staples, owned in 2019 by private equity firm Sycamore Partners… Staples initially paid $ 120 million for a 20-year naming rights deal in 1999” . Crypto-com will pay $ 700 million for a 20-year contract with Crypto-com Arena. pic.twitter.com/mGpTg6rlt0

– Arash Center (@ArashMarkazi) November 17, 2021

Staples Center – the iconic home of the Los Angeles Lakers and Clippers among others since 1999 – will have a new name from December 25: https://t.co/lur8Hbuv0r Arena. It is believed to be the largest site naming rights deal in the United States to date.

– Shams Charania (@ShamsCharania) November 17, 2021

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