LOS ANGELES (KNX) — The iconic downtown Los Angeles Staples Center venue — home to the Lakers and Clippers since 1999 — anticipates a massive facelift and renaming before the end of the year.
Crypto.com announced Tuesday its name would adorn the sporting arena beginning Christmas Day (Dec. 25), although it will take until next summer to replace all of the building’s signage.
The cryptocurrency site’s leadership anticipates the change being a catalyst for solidifying the future of its industry.
“In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream,” Hong Kong-based CEO Kris Marszalek said. “This is in line with our ambition to be a top brand in the coming years, next to Nike and Apple.”
The 20,000-seat arena will carry the company’s name for the next 20 years, as agreed to by Anschutz Entertainment Group (AEG) and the Singapore-based crypto exchange platform. The arena hosts more than 240 high-profile events each year, including the GRAMMY Awards, BET Awards, and NBA and NHL All-Star games. The arena is also expected to play an integral role in the 2028 Olympics.
“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,” he continued.
The new agreement also includes designations across L.A. Live, Microsoft Theater, and The Novo. AEG also owns the Oakland Coliseum, the 02 Arena in London, and the Kings and Galaxy professional sports teams.
Neither company disclosed the deal’s financial terms, but sources said the company paid around $700 million for the two-decade-long agreement, according to the L.A. Times and Bloomberg.
Crypto.com can leverage thousands of dedicated arena square footage included in the deal to market its brand throughout the complex, a statement said.
Crews will replace all interior and exterior signs by June 2022, in time for next year’s basketball and hockey seasons.
Vanessa Bryant responded to news of the name change late Tuesday by posting a picture of a mural of her husband outside the Staples Center. “Forever known as ‘The House That Kobe Built,’” she said in her caption.
This isn’t the first NBA stadium to sport a cryptocurrency-related brand’s name. FTX signed a 19-year, $135 million deal to rename the Miami Heat home formerly known as American Airlines Arena in March. Crypto.com paid over five times more for its deal in Los Angeles.
It's also more than other brands have shelled out for recent naming deals. SoFi spent more than $600 million for naming rights to the new Inglewood stadium; Intuit paid around $500 million to claim the forthcoming Clippers arena.
Staples spent $120 million for its 20-year deal in 1999. AEG reportedly wanted a modern brand to rechristen the arena, buying back the naming rights from Staples in 2019.
"If Coinbase.com and Robinhood weren't looking for arena deals yesterday, they probably are today," Axios predicted.
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