A Singapore-based crypto exchange has scored one of the biggest naming rights deals in sports history with the Staples Center in Los Angeles.
The multi-purpose, 20,000-seat venue will be renamed Crypto.com Arena after the trading platform on Christmas Day, according to a Tuesday’s press release.
Crypto.com bought the naming rights to the arena from multinational sports and live entertainment company AEG for 20 years, the Los Angeles Times wrote, citing sources familiar with the matter.
The deal was reportedly worth $700 million, making it one of the biggest naming rights deals in sports history, beating the LA Clippers’ $500 million deal on the Intuit Dome, and SoFi Stadium’s deal, reportedly worth more than $600 million.
The new branding is set to be revealed on December 25, the date of the NBA’s annual Christmas game, when the Los Angeles Lakers will host the Brooklyn Nets.
All current Staples Center insignias will be removed and changed to the new name by June 2022.
Under the terms of the deal, Crypto.com also becomes an official partner of the NBA’s Lakers, and the NHL’s LA Kings.
Crypto.com is not a newcomer to the world of sports; it has signed a number of deals this year – with Formula One and the UFC, among others.
The Staples Center, however, is a prized addition, having hosted 19 Grammy Awards ceremonies, countless major sporting events, concerts, and public events, including memorial ceremonies for Michael Jackson and Kobe Bryant.
The arena has been in operation since 1999, bearing the name of Staples Inc., a major office supplies and retail company.