Crypto.com, the Singapore-based cryptocurrency exchange app, has reportedly announced that it would be paying more than $700 million over the period of 20 years to rename the famous LA-based Staples Center as Crypto.com Arena, starting Christmas day.
As per the arena’s owner AEG, after operating for 22 years, the Staples Center arena, home to NHL's Kings, NBA's Clippers and Lakers and, and WNBA's Sparks, will be changing its name.
According to sources, since the companies are not formally disclosing the details of, what is believed to be the most expensive naming rights deal in the history of sports, the news was broken by an anonymous source that is privy to the matter.
Since its opening back in the October of 1999, the 20,000 seat stadium has carried the name ‘Staples Center’ under a 20-year contract that gave naming rights to the renowned US office-supplies retailer. The venue will be renamed on the same day the Lakers vs Brooklyn Nets match will be hosted during the annual NBA Christmas showcase.
AEG, the sports & entertainment conglomerate which owns the Kings, and until this summer, also held a stake in the LA Lakers, constructed the iconic sports arena. Since its inauguration, the stadium has quickly become a famous venue for major events inside the second-biggest metropolitan region in the US.
Staples Center has hosted NBA All-Star Games three times, 19 Grammy Awards events, two NHL All-Star Games, among other important shows, concerts, as well as important public events, which also includes memorials for celebrities such as Nipsey Hussle, Michael Jackson, as well as Kobe Bryant .
It will be the first time the Clippers to play at the Crypto.com Area. When their agreement at the Staples Center ends in 2024, they will move to Steve Ballmer's 18,000-seat Intuit Dome, worth $1 billion, in Inglewood, California .
From its very beginning in 2016, Crypto.com seems to be on a spending binge across the international sports industry. Some of the renowned sports clubs including Italy's Serie A, Formula One, Paris St-Germain, the UFC, as well as the Montreal Canadiens of the NHL have signed significant sponsorship deals with the company, which also acquired the jersey sponsorship patch of Philadelphia 76ers'.