Photo: Getty Images
The name of one of the most famous arena's in the world is about to get a new name... Come December 25th, "Staples Center" will become "Crypto.com Arena".
The home of the Los Angeles Lakers, Clippers, Kings, and Sparks will be receiving a rebrand after Crypto.com paid more than $700 million for the naming rights to the famous arena. This sale is one of the biggest naming deals in all sports history.
Under the new deal, the "Crypto.com Arena" will be the new name of "Staples Center" for the next 20 years. The new logo to the arena will debut on December 25th - the same day the Los Angeles Lakers will be taking on the Brooklyn Nets on their home court. All "Staples Center" signage will be replaced by June of 2022.
Kris Marszalek, who is the Crypto.com chief executive discussed the name change. He said:
“This is just such a brilliant move from the guys at AEG, because the next decade belongs to crypto,”
he continued by saying,
“And this positions L.A. and this particular venue right at the center of it.”
AEG owns and operates the arena. CEO of AEG, Dan Beckerman discussed this iconic name change saying this was a "match made in heaven". He said in a statement:
“It’s a bit of a match made in heaven, when we think about the type of brands that we like to partner with,”
He continued,
“Crypto.com is looking for the most unique branding platform to make a statement and drive adoption, and we’re looking for an innovative, forward-thinking company to help us chart a course for the future of sports and entertainment events.”
AEG and Crypto.com are still discussing how this partnership will work, but I wouldn't be surprised if the arena began integrating some kind of cryptocurrency payments in the facility.
To add, the arena will feature a 3,300 square feet Crypto.com dedicated "activation space" where there will be cryto-interactive experiences for visitors that will be attending a sports event, concert, or another kind of event.
Crypto.com is also the official crypto partner of the Lakers and Kings.
Back in December 1997, Staples Inc. paid $100 million for the rights to the name of the arena. That deal was for 10 years. In 2009, Staples signed another deal for naming rights - but AEG would buy them out in 2019, obtaining naming rights to the arena.
It is said that the negotiations between Crypto.com and AEG went very well and a deal came together very quickly. Conversations between the two companies started at the end of summer in 2021.
Photo: crypto.com
Above is a rendering of how the "Crypto.com Arena" will look.
Crypto.com has more than 10 million users and approximately 3,000 employees.
In the last year Crypto.com has signed partnerships with the UFC, the Philadelphia 76ers, Formula 1 racing, the Montreal Canadiens, the Italian Lega Serie A soccer league, and a few other sporting companies... so they are not new to this.
Though the name does not roll off the tongue as well as "Staples Center", I think we'll get used to the "Crypto.com Arena" and embrace it as Angelenos! Only time will tell though!