Crypto.com pays record price for naming rights to L.A.’s Staples Center

By Jeff Beer

The iconic home of most pro sports in Los Angeles is getting a new name. Goodbye Staples Center, hello Crypto.com Arena. Crypto.com has agreed to pay more than $700 million for a 20-year naming rights deal. Officially, the changeover will happen on December 25, just in time for the Lakers game against the Brooklyn Nets.

In a statement, Crypto.com cofounder and CEO Kris Marszalek said, “We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world-class sports, entertainment, and technology for fans in L.A. and around the world.”

It’s the second major sports arena naming sponsorship by a cryptocurrency-based brand, after crypto exchange FTX bought the rights to Miami’s American Airlines Arena, home of the NBA’s Miami Heat, back in March. Crypto.com has been on a sponsorship run in sports, becoming the first crypto platform to partner with an F1 team, the first to partner with an NHL team (through the Montreal Canadiens), and the first to partner with a professional sports league with Italy’s Serie A. It also has deals with the NBA’s Philadelphia 76ers and soccer giants Paris-Saint Germain.

It may take a while for Crypto.com Arena to roll off the tongue, not just because of the added syllables, but also thanks to the Staples Center’s legendary status. Opened in 1999, and home to the NBA’s Lakers and Clippers, WNBA’s Sparks, and NHL’s Kings, the Staples Center helped spark a revitalization in downtown L.A., and was the setting for six NBA titles for the hometown Lakers. L.A. Clippers star Paul George summed up the thoughts of many: “It’ll be weird.”

Fast Company , Read Full Story

(3)