Teams spotted at Staples Center, home of the Lakers, dismantle signage ahead of Crypto.com Arena rebranding

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LOS ANGELES (KABC) – Monday marked the start of a big change in downtown Los Angeles.

Teams have been spotted at Staples Center, home to several local professional sports teams such as the Lakers, removing exterior signage as it prepares to live under a new name.

Last month, the owner of the AEG arena announced that Staples Center will be renamed Crypto.com Arena. The venue will officially change its name on December 25 when the Lakers take on the Brooklyn Nets in the annual NBA Christmas showcase.

Crews were seen removing exterior logos, removing letters, one by one.

READ ALSO | Iconic Staples Center in LA to be renamed Crypto.com Arena

A person familiar with the deal told The Associated Press that Crypto.com is paying $ 700 million over 20 years to rename the building. The person spoke on condition of anonymity as the parties do not publicly announce the terms of what is believed to be the richest naming rights agreement in sports history.

Since its opening in 1999, the place has been known as the Staples Center.

The arena is home to the NBA Lakers and Clippers, the NHL Kings and the WNBA Sparks. Nineteen Grammy Awards ceremonies have taken place at the site and it regularly hosts concerts by top chart-topping musical artists.

Several large-scale events, including memorials for Michael Jackson, Nipsey Hussle and Kobe Bryant, took place in the arena.

Crypto.com is a cryptocurrency exchange and platform headquartered in Singapore. Founded in 2016, Crypto.com has seen a spending surge in the global sports landscape over the past year. The platform signed high-visibility sponsorship deals with Formula 1, UFC, Italian Serie A, Paris St-Germain and the NHL Montreal Canadiens – while also purchasing the NHL’s sponsorship patch. ‘Philadelphia 76ers uniform.

The Associated Press contributed to this report.

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