Staples Center to be renamed Crypto.com Arena from December 25th as the iconic NBA arena lands the largest US venue naming rights deal

Christmas in Los Angeles will be more eventful than usual with the renaming of the Staples Center to Crypto.com Arena officially announced [Photo: Financial Times]

Christmas will bring a historic change to downtown Los Angeles as Staples Center will soon become Crypto.com Arena.

AEG, which runs and operates the iconic venue, signed a deal reportedly worth around $700 million with the Hong Kong-based cryptocurrency company. The amount shelled out to own the rights to name the world-famous arena is considered to be one of the biggest payouts in sports history. It is also an amount that is estimated to be five times above the perceived price.

Staples Center – the iconic home of the Los Angeles Lakers and Clippers among others since 1999 – will have a new name beginning Dec. 25: Crypto.com Arena. It’s believed to be the largest U.S. venue naming rights deal to date.

The December 25, 2021 date is significant, particularly for the venue’s most popular tenant, the LA Lakers, as they are scheduled to take on the Brooklyn Nets. With New York and LA being two of the biggest markets across all sports, Crypto.com is certainly making a statement with this deal.

The LA Lakers share the same home venue as the Clippers, Kings and Sparks. All NBA home games for the said teams will feature Crypto.com’s new logo starting on December 25. All Staples Center details in and around the arena will also be completely replaced in June 2022.

There is no word yet on the extent of the partnership between AEG and Crypto.com besides the naming rights. However, it’s well-chronicled that the Lakers and Kings are already working hand in hand with the latter for the teams’ crypto deals. It’s almost a guarantee that cryptocurrency payments will be involved when the arena is concerned.

Crypto.com is currently doing an all-out campaign to become a major player in the sports world and to increase its brand awareness to millions of fans. In addition to acquiring the rights to rename Staples Center, they have also inked partnership deals with different sports teams and leagues across the globe. The UFC, Philadelphia 76ers and Paris Saint-Germain FC are just three popular entities that are linked to Crypto.com.

Will crypto exchange companies play a major role in the NBA moving forward?

Cryptocurrency company FTX.us also acquired a 19-year naming right for the old American Airlines Arena, home of NBA team, the Miami Heat [Photo: Boardroom.tv]

There is no telling yet how many of these companies will be involved in the NBA. However, the league has already witnessed their significant presence and influence in the last few years. Just this June, the Miami Heat’s home court, the iconic American Airlines Arena, was renamed the FTX Arena.

FTX.us, a major cryptocurrency company, paid $135 million for the 19-year naming rights of the old American Airlines Arena.

Fast-growing crypto exchange @FTX_Official is looking to expand its headcount in #Miami where FTX already holds the naming rights to the Miami Heat’s home stadium.

decrypt.co/85913/crypto-e… by @ScottChipolina

It seems like cryptocurrency exchange companies are looking at the biggest platforms in sports to showcase their value to the world. The NBA is likely going to be one of its biggest partners in the future.