Staples Center, the home of the Los Angeles Lakers, will be renamed Crypto.com Arena starting Dec. 25. Photo by Elmar78/Wikimedia Commons
Nov. 17 (UPI) -- Los Angeles' Staples Center will get a new name next month, arena owner AEG announced Wednesday. Starting on Christmas, the home of the NBA's Los Angeles Lakers and Los Angeles Clippers will be known as Crypto.com Arena.
The 20-year naming rights agreement also makes Singapore-based Crypto.com the official cryptocurrency platform for the Lakers and NHL's Los Angeles Kings.
Sources told the Los Angeles Times, CNBC and Axios that Crypto.com paid more than $700 million for the naming rights.
"This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come," AEG chief revenue officer Todd Goldstein said in a news release.
"It marks an exciting new chapter in the history of our company and our respective industries, and we couldn't be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community," Goldstein said.
The arena will unveil a new logo and other branding when the Lakers host the Brooklyn Nets on Dec. 25 in Los Angeles. All venue signage will be replaced by June 2022.
Staples Center, also home to the WNBA's Los Angeles Sparks, got its original name in 1997. AEG purchased naming rights in 2019.
The Lakers face the Milwaukee Bucks at 7:30 p.m. EST Wednesday in Milwaukee. The Clippers battle the Memphis Grizzlies at 8 p.m. EST Thursday in Memphis. The Kings host the Washington Capitals at 10:30 p.m. EST Wednesday at Staples Center.