Crypto.com Purchases Naming Rights For L.A.'s STAPLES Center In $700M Deal

Come December 25th, 2021, the iconic Los Angeles, CA sports arena known as STAPLES Center will have a new name. In a deal announced late Tuesday night, Crypto.com has purchased 20 years’ worth of naming rights to the L.A. arena from venue owner AEG for more than $700 million.

Located in downtown Los Angeles, STAPLES Center is the home of various sports teams, including the NBA‘s Lakers and Clippers, the WNBA‘s Sparks, and the NHL‘s Kings. Alongside the name change, Crypto.com has brought on the Lakers and Kings as its official cryptocurrency platform partners, according to a release on the company’s website.

This relationship between AEG and Crypto.com highlights the sweeping embrace of crypto and its emergence into the everyday lives of people and commerce worldwide.

“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,” said Crypto.com Co-Founder and CEO, Kris Marszalek in a press release. “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.”

“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,” added AEG Chief Revenue Officer Todd Goldstein. “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.”

Since Staples Inc. purchased the naming rights to the arena back in 1997 for $100 million (per Los Angeles Times), it has played host to countless events in sports, music, the arts, and more.

“When we were selling the arena [in 1997], nobody knew what it was, nobody knew what it could be. Downtown was very different than downtown is today,” AEG CEO Dan Beckerman told the Los Angeles Times.

Then in 2019, following two decades of winning sports teams and unrivaled music events hosted at the arena, AEG purchased the naming rights from Staples for an undisclosed price in an effort to strike a better deal with a new company. The ongoing pandemic, however, delayed that process until this year.

“This partnership is about the future,” Beckerman said in a press release. “AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come.”

While the arena’s new logo atop the building will debut on Christmas Day 2021, when the Lakers host the Brooklyn Nets, AEG and Crypto.com won’t complete the full re-branding until June 2022.

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[H/T Los Angeles Times]