Staples Center officially becomes Crypto.com Arena as Lakers prepare to take on Nets (2024)

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Staples Center officially becomes Crypto.com Arena as Lakers prepare to take on Nets? ›

Staples Center, the downtown Los Angeles home to several local pro sports teams, will be renamed Crypto.com Arena. The cryptocurrency platform and exchange is paying more than $700 million over 20 years to put its name on an arena that has hosted countless major sports and entertainment events since it opened in 1999.

On November 16, 2021, it was announced that the naming rights to the Staples Center had been acquired by Singapore-based cryptocurrency exchange Crypto.com, renaming it Crypto.com Arena effective December 25, 2021 (with the changeover coinciding with the Lakers' nationally televised Christmas Day game).

Staples Center Becomes Crypto.com Arena

Crypto.com reportedly paid a whopping $700 million in the form of a 20-year deal to receive the naming rights, which currently stands as the largest naming rights deal in sports history. Crypto.com paid almost double the cost of the arena's construction in its entirety.

Crypto.com purchased the naming rights to the arena from Anschutz Entertainment Group (AEG) in 2021. Crypto.com paid $700 million to have its name on the venue for 20 years. The arena was previously known as Staples Center. Stadium and arena names change frequently in sports as corporate fortunes wax and wane.

The sports world gasped when Staples Center became Crypto.com Arena in a $700 million blockbuster. Front Office Sports spoke to executives on both sides of the deal for an inside look at the process.

We are excited to unveil the renovations plan taking place at Crypto.com Arena. From new Premium inventory, new club spaces, and refreshed Premium concourses – the Premium Experience will be entirely reimagined by the start of the 2024 – 2025 season. Each phase will reimagine the iconic arena from street to seat.

Crypto.com Arena Completes Phase Two Renovations and Officially Unveils New Luxury Tunnel and Terrace Suites. Los Angeles, CA (October 11, 2023) – Crypto.com Arena has completed phase two of a three-year renovation plan, officially unveiling the arena's much-anticipated premium Tunnel and Terrace Suites.

Shams Charania of Stadium and The Athletic reported that the Staples Center will be renamed Crypto.com Arena starting Dec. 25. He added that the multiyear naming-rights deal is believed to be the largest for a U.S. venue. According to CNBC, the contract is for 20 years and worth $ 700 million.

It was announced last week that Staples Center would be changing its name to Crypto.com Arena. The news came out of nowhere, and reportedly will go into effect on December 25th of this year. The Athletic's Shams Charania reported that the name change is believed to be the largest U.S venue naming rights deal to date.

Crypto.com will shut down a portion of its business, but that won't affect the name of the Los Angeles Lakers' arena. Crypto.com announced Friday it would close its "institutional exchange" in the United States, according to ESPN's Dave McMenamin.

Why is it still called Crypto arena? ›

The naming rights for Crypto.com Arena in downtown Los Angeles will not be impacted by the close of Crypto.com's institutional exchange service, according to the company—despite speculation the exchange update could have led to a change in the storied arena's name. Crypto.com Arena's naming rights will not be [+]

The Staples Center will be renamed for Crypto.com next month in a $700 million deal for the naming rights to the home arena of the Los Angeles Lakers. The name change will take effect on Christmas Day, as the Lakers host the Brooklyn Nets in the National Basketball Association's annual Christmas Day games.

The Lakers faithful received a gift on Dec. 25, 2021, as the team played their first game inside the newly-named arena Crypto.Com Arena.

Staples Center's owner, the Anschutz Entertainment Group, is expected to make the formal announcement Wednesday. Kobe Bryant played his entire 20-year NBA career with the Lakers from 1996 to 2016, bringing the storied franchise five NBA championships. Staples Center opened in 1999, just a few years into his career.

AEG owns both the Staples Center and a significant chunk of the Lakers, and losing both the Lakers and Clippers would significantly eat into their stadium revenues.

Since its opening, STAPLES Center has been the site of Lakers and Sparks championships, the Kings Stanley Cup, and thousands of memorable concerts and special events.

It was announced last week that Staples Center would be changing its name to Crypto.com Arena. The news came out of nowhere, and reportedly will go into effect on December 25th of this year. The Athletic's Shams Charania reported that the name change is believed to be the largest U.S venue naming rights deal to date.

The Staples Center is no more. Soon, it is going to be renamed as Crypto.com Arena. The name change is the largest naming rights deal ever at an estimated $700 million and it will begin to be called Crypto.com Arena beginning on Dec. 25, 2021.

By Crypto.com reportedly to have agreed to pay $700 million for a 20-year period, the Lakers surpassed their rival city NBA team in the Los Angeles Clippers, and their NFL brothers in the Los Angeles Rams and Chargers, as the current richest U.S venue naming rights deal. The name change was announced in Nov. 2021.

Shams Charania of Stadium and The Athletic reported that the Staples Center will be renamed Crypto.com Arena starting Dec. 25. He added that the multiyear naming-rights deal is believed to be the largest for a U.S. venue. According to CNBC, the contract is for 20 years and worth $ 700 million.