What Is the Staples Center in Los Angeles Changing Its Name To?
The Staples Center—the Los Angeles sports and entertainment venue that's hosted some of the world's famed athletes, artists and events—will officially change its name later this month.
The name change follows a historic "20-year naming rights" deal launching a new partnership with Crypto.com, which is described as "the world's fastest-growing cryptocurrency platform," according to the venue.
Serving 10 million people, the cryptocurrency app is headquartered in Singapore but has offices across the Americas, Europe and Asia.
The latest agreement also makes Crypto.com an official cryptocurrency platform partner of the NBA's (National Basketball Association) L.A. Lakers and the NHL's (National Hockey League) L.A. Kings teams.
The crypto platform reportedly paid over $700 million for the naming rights, according to sources familiar with the terms, the Los Angeles Times reported in mid-November, making it one of the biggest naming deals in the history of sports.
What Is the New Name of the Staples Center?
From Christmas Day, the Staples Center will be known as the "Crypto.com Arena," the venue said in a statement last month.
Its new logo and other branding, including internal arena signage, will be unveiled by AEG (which owns and operates the Staples Center) and Crypto.com on December 25, when the L.A. Lakers vs. Brooklyn Nets game will be held.
All external signage of the newly named venue will be replaced by June 2022, the statement read.
The latest agreement includes "official designations" across the Crypto.com Arena as well as the Microsoft Theater music venue and The Novo club of the L.A. LIVE complex, which is adjacent to the Staples Center building.
The renamed facility will also feature a 3,300 square foot branded "activation space" at its entrance and "dedicated activation areas" on the main concourse as well as throughout the L.A. LIVE campus.
Why Crypto.com?
Apart from a shared vision for innovation in sports and entertainment, AEG and Crypto.com were brought together through a shared commitment to their communities, Dan Beckerman, president and CEO of AEG, said last month. Both companies aim to prioritize sustainability and engagement in the L.A. community.
AEG was one of the first companies to adopt "a greenhouse reduction goal" based on the 1.5 ̊ C global warming limit recommended by the Intergovernmental Panel on Climate Change (IPCC).
Crypto.com aims to become "carbon negative" by the end of 2022, offsetting more carbon than it generates in all activities across the company.
Crypto.com co-founder and CEO Kris Marszalek stated in November: "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."
The company hopes to utilize its platform in new, 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," Marszalek explained.
A Brief History of the Staple Center
Opened back in 1999, the Staples Center is the official home of the L.A. Lakers, L.A. Clippers, L.A. Sparks (WNBA) as well as the L.A. Kings.
Every year the facility hosts over 240 major national and international events and over four million guests, with events ranging from sports games to concerts and award shows, such as the Grammy Awards.
It has hosted some of the world's biggest music acts, including Taylor Swift, Beyoncé, U2, Paul McCartney, Kanye West and BTS, over its 20-plus-year history.
