Los Angeles’ Staples Center is getting a name change.
The Athletic’s Shams Charania reports that Staples Center will officially become Crypto.com Arena starting on December 25. Charania writes that the deal to rename the arena is “believed to be the largest U.S. venue naming rights deal to date.”
According to the Los Angeles Times, the deal between building owners Anschutz Entertainment Group (AEG) and the Singapore-based cryptocurrency exchange cost over $700 million.
The multi-purpose arena, which is currently home to the NBA’s Los Angeles Lakers and the Los Angeles Clippers, the WNBA’s Los Angeles Sparks, and the NHL’s Los Angeles Kings, opened back in 1999.
“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Kris Marszalek, who is the CEO of Crypto.com, told the Los Angeles Times. “This is just such a brilliant move from the guys at AEG, because the next decade belongs to crypto… And this positions L.A. and this particular venue right at the center of it.”
AEG CEO Dan Beckerman called the new deal “a match made in heaven.” Beckerman continued, ““Crypto.com is looking for the most unique branding platform to make a statement and drive adoption, and we’re looking for an innovative, forward-thinking company to help us chart a course for the full future of events and sports and entertainment.”
In addition to owning Staples Center Crytpo.com Arena, AEG owns the Oakland Coliseum in California and London’s O2 Arena. The company also produces the popular Coachella Valley Music and Arts Festival.
