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Wednesday, July 24, 2024
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Staples Center Will Be Renamed Crypto.com Arena in 20-Year, $700M Deal

  • After 22 years as the Staples Center, the Los Angeles venue is getting a new name.
  • The cryptocurrency exchange Crypto.com is based in Singapore.

After 22 years as the Staples Center, one of the most iconic venues in sports is getting a new name that’s undeniably a sign of the times.

As part of a 20-year deal worth a reported $700 million, Crypto.com will take over naming rights to the venue starting Dec. 25, when the Los Angeles Lakers host the Brooklyn Nets for the NBA’s annual Christmas showcase.

Staples Center is also home to the league’s Clippers, the WNBA’s Sparks, and the NHL’s Kings. The Clippers are moving to the recently announced Intuit Dome in the city’s Inglewood neighborhood in 2024. Intuit reportedly paid north of $500 million for naming rights to that venue over 23 years.

AEG — which owns the Kings and MLS’ L.A. Galaxy in addition to producing events like Coachella — owns and operates Staples Center. The company quietly bought back naming rights from the office supplies retailer in 2019.

Crypto.com has been incredibly active in the sports world this year.

  • It announced a five-year, $100 million global partnership with Formula 1 in June.
  • It signed a 10-year, $175 million branding deal with UFC in July.
  • It secured a multiyear partnership with Serie A in August.

The Singapore-based crypto exchange isn’t alone in its pursuits. A competitor, FTX, agreed to a 19-year, $135 million naming rights deal for the Miami Heat’s arena in March.

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