Staples Center Has Been Renamed As Crypto.com Arena
After a mutual agreement with the owner of Staples Center, AEG, the center will now be renamed Crypto.com Arena.
The multipurpose event center in the heart of Los Angeles has been home to many public events like basketball and boxing competition, including hockey and musical concerts. Also, it is the home for Los Angeles Sparks of the WNBA, Los Angeles Lakers, and Los Angeles Clippers of the NBA as well as NHL’s Los Angeles Kings.
According to the announcement, the naming rights of AEG were purchased by crypto.com for $700 million for more than 20 years. Twenty-two years ago, Staple acquired the naming rights of AEG for 10 years at $100 million.
AEG is a multinational entertainment and sports company that has diverse facilities, including sports franchises to its name.
Come December 25, the Los Angeles Lakers will be playing the Brooklyn Nets at the venue which will be having its name and logo updated for the first time in its history. The arena was built and launched in 1999 with a capacity of about 20,000 people.
Dan Goldstein, the Chief Revenue Officer at AEG branded the new development as an exciting chapter, and in his statement, he said the partnership represents the coming together of the fastest-growing crypto platform in the world and the greatest entertainment and sports business in the world to build the future of live entertainment and sports.
Crypto.com and its Involvement with the Sports Sector
The Los Angeles Kings and Los Angeles Lakers, which use Staples Center as their home ground will also be part of this partnership as crypto.com will be the official crypto partner of the two professional sports franchises.
Crypto.com is a crypto wallet based in Singapore. It is also a platform that enables users to earn rewards in crypto as incentives for using its specialized MCO Visa Card. While this announcement is the first of its kind for the acquisition of naming rights by the company, this is not the first time it is engaging the sports sector for business. The company has some sporting event sponsorship to its name, like its sponsorship agreement with Formula 1 worth $110 million in June 2021. Also, in July, crypto.com signed a $175 million agreement with the Ultimate Fighting Championship for its events sponsorship.