After reaching an agreement with owner AEG, the Staples Center will now be renamed Crypto.com Arena.
The Staples Center is a multifunctional arena that has hosted many public events, including boxing and basketball matches, as well as concerts and hockey. It is also home to the NBA Los Angeles Clippers and the Los Angeles Lakers, the NHL Los Angeles Kings and the WNBA Los Angeles Sparks.
According to a report, Crypto.com purchased AEG’s naming rights for $700 million in 20 years. announcementIn 1999, Staples received 10 years of naming rights for $100 million.
AEG is a multinational sports and entertainment company with multiple facilities and sports franchise rights.
On Christmas Day, the Los Angeles Lakers will face the Brooklyn Nets at Staples Center. This will be the first time in its history to update the name and logo. The arena was built in 1999 and can accommodate 20,000 people.
Speaking of the next step of development, AEG Chief Revenue Officer Dan Goldstein (Dan Goldstein) called it an “exciting new chapter.” He went on to say, “The partnership represents the world’s fastest growing cryptocurrency platform and the world’s greatest sports and live entertainment business” to jointly create the future of sports and live entertainment.
As part of the collaboration, the Los Angeles Lakers and the Los Angeles Kings, who play their home games at Staples Center, will join forces with Crypto.com. The company will become the “official cryptocurrency platform partner” for these two professional sports franchises.
Crypto.com It is a cryptocurrency wallet and platform located in Singapore, which specializes in providing MCO Visa cards, enabling users to receive rewards in multiple cryptocurrencies. Although this is the first time Crypto.com has spent money to purchase naming rights in sports and entertainment, this is not the company’s first foray into the sports field.
The company has previously sponsored sporting events, including $100 million sponsorship agreement with Formula One Late June. In July, the Ultimate Fighting Championship signed a $175 million sponsorship agreement with Crypto.com.