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The Staples Center will unwrap a new name on Christmas morning.
The iconic 20,000-seat downtown arena, which has been home to the Lakers, Clippers, Kings and Sparks since 1999, will be renamed Crypto.com Arena on Christmas Day, as first reported by The Athletic.
The 20-year deal between the Singapore-based cryptocurrency exchange and AEG, the owner and operator of the arena, which both parties announced Tuesday night, is believed to be the largest venue naming rights deal in United States history.
Specifics of the deal are not yet known, though one report estimated the value at more than $700 million.
The arena’s new logo will reportedly debut on Dec. 25, when the Lakers host the Brooklyn Nets, and all of the Staples Center signage is expected to be replaced with the new name by June 2022.
AEG owns a number of teams, including the Kings and the Carson-based Galaxy, and venues, including L.A. Live, the Oakland Coliseum, London’s O2 Arena and the Mercedes-Benz Arena in Berlin. AEG also is one of the nation’s largest event promoters (Coachella, among many others).
The deal for the venue’s original name was announced in December 1997, when office supply company Staples Inc. paid $120 million for the rights for 10 years. Staples later signed a deal in 2009 for the naming rights in perpetuity, but AEG bought the naming rights back for an undisclosed amount in 2019. The COVID-19 pandemic put the search for a new name sponsor on hold, until now.
Crypto.com’s primary business is running an exchange that allows users to trade cryptocurrencies, store them in an online account, and access them with a Visa rewards debit card.
“Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment,” Crypto.com co-founder and CEO Kris Marszalek said in a statement on the company website. “We’re very excited about partnering with AEG and investing 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 power the future of world class sports, entertainment and technology for fans in LA and around the world.”
According to Crypto.com, the new agreement includes official designations across Crypto.com Arena, L.A. LIVE, Microsoft Theater, The Novo, as well as the Lakers and Kings.
“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” said Todd Goldstein, Chief Revenue Officer of AEG. “It 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 like Crypto.com supporting our global fan base and local community.”
Staples Center ranks alongside New York City’s Madison Square Garden as one of the most popular concert venues in the country. The arena has hosted 19 of the past 21 Grammy Awards and will be one of the Olympic venues when the Summer Games return to L.A. in 2028.
