Los Angeles' Staples Center Will Now Be Called Crypto.com Arena as Part of $700M Naming Rights Deal
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As part of a 20-year naming rights deal, the iconic downtown Los Angeles arena Staples Center is being rebranded.
Beginning Christmas Day, its name will be changed to Crypto.com Arena, according to a press release. During the arena's Christmas Day game, the new logo and indoor signage will be revealed. All external venue signage will be replaced by June 2022.
The cryptocurrency exchange headquartered in Singapore reportedly paid $700 million for the name change, per ESPN.
Over the last two decades, the 20,000-seat arena has been home to the Los Angeles Lakers, Clippers, Sparks and Kings since first opening its doors in 1999.
The historic deal has been difficult for many with memories at the Staples Center to process.
"The Lakers have their history here, Kobe, especially my era, growing up, watching those championships. Shaq [O'Neal]. Nah, it's too many memories. It's gonna be hard to not call it Staples," the Clippers' Reggie Jackson said, ESPN reported.
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Jackson's teammate Paul George echoed the sentiment, telling the outlet, "It's kind of like just stripping the history here by calling it something else."
The deal highlights the growing influence of cryptocurrency and its promising future.
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"This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come," said Todd Goldstein, chief revenue officer of AEG — which owns and operates the arena — in the news release.
"It marks an exciting new chapter in the history of our company and our respective industries, and we couldn't be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community."
