The Staples Center, home to Lakers and Clippers until 2021, concluded hosting their games, Hence, Starting Christmas Day, it’s Crypto.com Arena.
AEG, the arena’s owner, partnered with Crypto.com, aiming to shape the future of sports and entertainment for decades.
What is Crypto.com? And why did it buy naming rights to the Staples Center?
Crypto.com, an online platform with over 10 million users and 3,000 employees, allows cryptocurrency trading.
Despite potential fan reluctance, the company’s executives view naming the arena as crucial for brand awareness.
They are unfazed by pushback, focusing on long-term business growth.
How much did Crypto.com pay for naming rights?
Crypto.com secured naming rights to the arena for $700 million over 20 years.
AEG’s CEO, Dan Beckerman, sees the partnership as a commitment to innovation and community initiatives, shaping the future of sports and entertainment.
Lakers’ statement on the Staples Center
Here is the full statement the Lakers released on Dec. 23:
“Staples Center’s unique atmosphere is unforgettable. It’s where big moments happened, where championships were celebrated, and fans and players shared unshakable belief. The name might change, but the cherished memories and fan spirit endure.”
Photos of Crypto.com Arena
Its official, official. Staples Center is no more. pic.twitter.com/PdCIwPdEMo
— Farbod Esnaashari (@Farbod_E) December 20, 2021
First look at the https://t.co/soilk9RTxX Arena signage in LA 👀
(via @ImagesByPablo) pic.twitter.com/vRNEvMWQLX
— Bleacher Report (@BleacherReport) December 22, 2021
It is pouring outside of Staples Center. Tonight is the final night it will be called Staples Center but the exterior signs have all come down and the https://t.co/sPEtlkDkFI Arena signs are in process of being installed. pic.twitter.com/TxCbFTOANE
— Arash Markazi (@ArashMarkazi) December 24, 2021