The iconic Staples Center, home of both the LA Lakers and the Clippers is about to get a name change.
For more than 20 year, the famous arena has held the name of the office supplier, but that would be no more. According to the latest reports, the arena will now be named “Crypto.com Arena”, in what would be the most expensive naming rights among the sporting venues in the country. The naming deal is rumored to be worth north of $700 million and the rename of the arena will take place on Dec. 25th. The whopping price tag would secure the venue’s naming rights for 20 years into the future.
The venue owners AEG made the deal with the Singapore-based crypto platform this week and the official name change, along with the reveal of the new logo, name, and all other parts of the deal will be revealed officially before the Christmas Day matchup between the Nets and the Lakers. All of the outside signs and logos of the Staples Center would be replaced with the new Crypto.com Arena by the summer of next year, according to AEG.
While the duration of the new deal is on par with what Staples secured in 1999, namely 20 years, the price tag has drastically changed. Back then the office supply retailer paid a “measly” $116 million. Today, the Crypto.com platform will fork out over 6 times that amount for the same time-frame. The deal with Crypto.com also marks the second sports venue naming rights recently purchased by a cryptocurrency company. The FTX cryptocurrency exchange recently signed a deal to rename the Miami Heat’s arena from the American Airlines to FTX Arena in a $135 million deal.
