Naming rights for the iconic Los Angeles venue most closely associated with the Lakers will officially move to the cryptocurrency platform Christmas Day.
Out with the old and in with the new. The home of the Los Angeles Lakers, Clippers (for now), Sparks, and Kings that’s been long known as the Staples Center will embrace the roaring world of cryptocurrency and blockchain technology: The building will be renamed Crypto.com Arena beginning on Christmas Day, the company confirmed Wednesday.
Crypto.com paid venue owner Anschutz Entertainment Group more than $700 million for the naming rights of the facility, according to multiple outlets with knowledge of the agreement, making it one of the largest naming rights deals in history. The Los Angeles Times reported the arena’s new logo will debut on Dec. 25, while all of the Staples Center signage will be replaced with the newly branded Crypto.com signage by June next year.
“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,” said Crypto.com Co-Founder and CEO, Kris Marszalek in an official release. “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.”
The facility is owned by Anschutz Entertainment Group, the same company that also owns the NHL’s Los Angeles 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 in a release. “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.”
The new name will not change where the Lakers play, as the Purple and Gold extended their lease until 2041 last year. Their rivals, the Clippers are expected to move to Inglewood by 2024 in what will be called the Intuit Dome, an all-new home with a $1.8 billion price tag.
The Stapes Center, which first opened in 1999, cost $375 million to build. The Lakers have won six championships with the venue as their home, while the WNBA’s Sparks have three and the NHL’s Kings have won two. The Clippers are still waiting for their first title.
This isn’t the first time Crypto.com has made big moves this year. In July, the UFC and Crypto.com signed a 10-year, $175 million partnership, the biggest sponsorship pact in the UFC’s history. Crypto.com became the MMA promotion’s first global fight kit partner. As part of the deal, the cryptocurrency marketplace’s branding appears on the uniform of every fighter on the UFC roster. In October, plans were revealed for exclusive UFC NFTs to appear on the platform.
Two months after the deal with the UFC, the Philadelphia 76ers tagged Crypto.com to be their jersey sponsor worth reportedly $10 million annually. The Montreal Canadiens and esports organization Fnatic also count Crypto.com among their sponsors.
As the exclusive naming rights partner, Crypto.com will engage millions of sports and entertainment fans each year through branded areas of the arena, including 3,300 square feet of activation space at the building’s entrance, as well as dedicated activation areas on the main concourse of the arena and throughout the LA LIVE campus that surrounds the venue.