The Staples Center, home of the Los Angeles Lakers, will be renamed the Crypto.com Arena

LOS ANGELES – Staples Center gets a new name. Starting Christmas, it’s Crypto.com Arena.

The home of NBA Lakers and Clippers, NHL Kings and WNBA Sparks in downtown Los Angeles will change its name after 22 years of operation, arena owner AEG announced Tuesday night.

A person who knows the deal tells the Associated Press that Crypto.com will pay $ 700 million over 20 years to rename the building. The person spoke anonymously because the parties did not disclose the terms of the richest title agreement in sports history.

The 20,000-seat arena has been the Staples Center since its opening in October 1999, and the designation rights were owned by a 20-year contract with an American office supply retailer. The name changes when the Lakers host Brooklyn Nets at the NBA’s annual Christmas show.

Crypto.com is a cryptocurrency platform and stock exchange headquartered in Singapore. Founded in 2016, Crypto.com has consumed the sports world worldwide over the past year. The platform has signed prominent sponsorship deals with Formula 1, the UFC, Italian Serie A, Paris St-Germain and the NHL Montreal Canadiens – while acquiring a unified sponsorship label for the Philadelphia 76ers.

AEG, a sports and entertainment group that owns a majority stake in Kings and had a stake in the Lakers until last summer, built an arena that quickly became a famous venue in the U.S.’s second-largest metropolitan area.

In addition to its sports tenants, the arena has hosted 19 Grammy Awards, three NBA All-Star Games, two NHL All-Star Games, and countless high-profile concerts, performances, and important public events, including Michael Jackson, Nipsey Hussle, and Kobe Bryant .

The Lakers have won six NBA championships during their careers, three of them in their first three years in a row. Banners reminiscent of the Lakers ’17 NBA championships hang high on the walls above the game floor, the building’s most distinctive interior.

Sparks have won three WNBA championships at the Staples Center, and Kings won their first two Stanley Cup championships there in 2012 and 2014, both winning at home.

Clippers are short-term players at Crypto.com Arena. They are due to open owner Steve Ballmer’s $ 18,000-seat Intuit Dome in Inglewood in 2024 when their Staples Center lease expires. Sparks could also leave the center then, although nothing has been decided.

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