When Lebron James and the Los Angeles Lakers take the court on Christmas Day, they'll do so at a newly-named arena. The one-time Staples (SPLS) Center has become Crypto.com Arena.
The former Staples Center hosts not only the Lakers, but also the NHL's Los Angeles Kings, the WNBA's L.A, Sparks, and a second NBA team, the L.A. Clippers. The Clippers, owned by former Microsoft (MSFT) - Get Microsoft Corporation Report CEO Steve Ballmer, expect to move to their own arena when construction on the Intuit (INTU) - Get Intuit Inc. Report Dome finishes in time for the 2024 season.
Crypto.com signage will be present when the Lakers play the Brooklyn Nets in a nationally televised game on Christmas Day. External signage won't be fully replaced until June.
A New Day for the Former Staples Center
Since it was built in 1989, the Staples Center has hosted an average of 240 events per year. These include multiple Grammy Awards. NBA All-Star Games, and NHL All-Star Games among others. The Lakers, Kings, and Sparks all have won their respective league championships while calling the venue home.
“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 LA and around the world,” Crpyo.com CEO Kris Marszalek said in a statement.
The 20-year deal will be worth a total of $700 million Sports Illustrated reported.
What Is Crypto.com?
While Staples still exists, the office supply chain has struggled in recent years. Crypto.com brings a new identity to the arena that makes it forward-looking instead of being tied to a relic of retails's past.
Crypto.com has only existed since 2016 and calls itself the "world’s fastest-growing crypto app, along with the Crypto.com Exchange and Crypto.com DeFi Wallet. Crypto.com NFT is the premier platform for collecting and trading NFTs, carefully curated from the worlds of art, design, entertainment, and sports."
That's a big leap from being tied to a retailer that sells printer paper and other office supplies.
“This partnership is about the future,” said AEG CEO Dan Beckerman. “AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come.”
Crypto.com also has sponsorship deals with the UFC and F1.