Crypto.com paid $700 million for naming rights to Clippers and Lakers arena

The cryptocurrency platform Crypto.com reached an agreement to rename the Staples Center to Crypto.com Arena. The venue is home to the NBA’s Clippers and Lakers, as well as the NHL’s Los Angeles Kings.

We’re extremely proud to announce that Staples Center, Los Angeles’ most iconic arena is getting a new name:

https://t.co/vCNztATkNg Arena

As part of this 20 year partnership, we’re also excited to welcome the @Lakers & @LAKings as our newest partners! pic.twitter.com/KCfYKySDRt

— Crypto.com (@cryptocom) November 17, 2021

The term of the agreement is 20 years. Its owner and operator, Anschutz Entertainment Group, will receive $700 million, according to Axios.

A new logo for the arena will appear on December 25 during the Lakers’ game against the Brooklyn Nets. All signage for the current Staples Center will be replaced by June 2022, ahead of the next season.

Under the deal, Crypto.com will also work directly with the Los Angeles Lakers and the Los Angeles Kings. The arena is expected to host cultural events.

With a capacity of 20,000, the venue hosts award ceremonies such as the Grammys, as well as concerts, boxing matches and NBA All-Star games. According to Bloomberg, the arena hosts about 4 million visitors a year across more than 240 events.

Earlier in June 2021 Crypto.com signed sponsorship deals with «Formula One» and separately with one of its partners, Aston Martin Cognizant. The platform also partners with UFC, Italy’s Serie A football, clubs Paris Saint-Germain, Philadelphia 76ers and Montreal Canadiens.

In March, the cryptocurrency derivatives exchange FTX obtained naming rights for the Miami Heat arena.

In October, Coinbase became the NBA’s exclusive partner. The cryptocurrency exchange will place its advertising on platforms tied to the U.S. national basketball team, the Women’s National Basketball Association, the NBA G League and the NBA’s e-sports league.

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