Popular NBA Arena, Staples Center, to Be Renamed Crypto.com Arena in Blockbuster Deal
One of America's popular sports and entertainment centers in Los Angeles, the Staples Center, will be renamed Crypto.com Arena by December 25, 2021.
The renaming of the sports center follows a deal between Crypto.com and the Los Angeles NBA team rumored to be over $700 million.
Crypto.com Join The NBA Wagon
Cryptocurrencies have been gaining massive popularity in America, and this recent announcement represents another huge leap in the crypto space into the sporting arena.
Popular crypto exchange and mobile wallet provider based in Singapore, Crypto.com reportedly sealed a 20-year naming right agreement that will see the famous home ground of the LA Lakers and three other professional sports teams – the LA Clippers, the LA Sparks, and the LA Kings renamed.
The deal takes effect from Christmas day, December 25, with the logo of the iconic Staples Center to be replaced to show a change of ownership.
Staples, a 20,000 seat venue owned by Anschutz Entertainment Group (AEG) in 1999, initially spent about $120 million to secure 20-year naming rights. The office-supply retailer then renegotiated permanent renaming rights ten years later for an undisclosed amount.
In early 2019, unknown to many, AEG was on a quest to bring in a new name and went on to buy back the naming rights from Staples, owned by a private equity firm Sycamore Partners.
Crypto.com was able to broker a deal when AEG was in search of a fresh sponsor. This deal represents a win-win situation for both parties; AEG gets the new brand name, while Crypto.com elevates its status.
Expect Other Crypto Companies To Follow Suit
Crypto companies are becoming more vested in sports as they look for innovative ways to gain mainstream recognition.