GREG BEACHAM AP Sports Writer
LOS ANGELES (AP) – The Staples Center is changing its name. Starting on Christmas Day, it will be Crypto.com Arena.
Downtown Los Angeles, home of the NBA Lakers and Clippers, NHL Kings and WNBA Sparks, will change its name after 22 years in business, the arena owner announced Tuesday night AEG.
A person familiar with the deal told The Associated Press that Crypto.com is paying $ 700 million over 20 years to rename the building. The person spoke on condition of anonymity as the parties do not publicly announce the terms of what is believed to be the richest naming rights agreement in sports history.
The 20,000-seat arena has been the Staples Center since it opened in October 1999, with the naming rights held by the US office supply retailer under a 20-year deal. The name will change when the Lakers welcome the Brooklyn Nets to the NBA’s annual Christmas showcase.
Crypto.com is a cryptocurrency exchange and platform headquartered in Singapore. Founded in 2016, Crypto.com has seen a spending surge in the global sports landscape over the past year. The platform signed high-profile sponsorship deals with Formula 1, UFC, Italian Serie A, Paris St-Germain and the NHL Montreal Canadiens – while also purchasing the Philadelphia sponsorship patch. 76ers.
AEG, the sports and entertainment conglomerate which owns the Kings majority and had a stake in the Lakers until last summer, built the arena which quickly became a famous setting for major events in the second most large metropolitan area of ââthe United States.