A statue of the great Kareem Abdul-Jabbar of the Los Angeles Lakers stands outside the Staples Center in 2020 in Los Angeles. The Staples Center is set to be renamed.
Chris Pizzello / Chris Pizzello / Invision / AP
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Chris Pizzello / Chris Pizzello / Invision / AP
A statue of the great Kareem Abdul-Jabbar of the Los Angeles Lakers stands outside the Staples Center in 2020 in Los Angeles. The Staples Center is set to be renamed.
Chris Pizzello / Chris Pizzello / Invision / AP
One of Los Angeles’ most iconic sports and entertainment venues is being rebranded after two decades.
The Staples Center will switch from the name of an office supply retail chain to the name of a cryptocurrency platform when it becomes the Crypto.com Arena next month.
That’s thanks to a new deal between AEG – which owns and operates the venue – and Singapore-based Crypto.com. They will unveil the arena’s new logo and branding materials when the Los Angeles Lakers host the Brooklyn Nets on Christmas Day, according to NS notificationand all of its exterior signage will be replaced by June 2022.
“This partnership is about the future,” said Dan Beckerman, president and chief executive officer of AEG. “AEG and Crypto.com not only share a vision for innovation and the future of sports and entertainment, but we also have a shared commitment to the communities in which we work and live.”
The 20,000-seat venue hosts more than 240 events each year and has an exceptionally long history. Among other differences, it is the official home ground of local teams such as the NBA’s Lakers and Clippers, NHL’s Kings and WNBA’s Sparks. The arena has hosted 19 of the last 21 Grammy Awards ceremonies and hosted memorials for public figures including Kobe Bryant and Michael Jackson.
Office supply retailer The Staples bought the naming rights to the site – which opened in 1999 – at a cost of $116 million over 20 years.
ESPN and other store report that Crypto.com is paying $700 million over 20 years to rename the building, arguably the richest naming rights deal in sports history. The deal also makes Crypto.com the “official crypto platform partner” of the Los Angeles Lakers and LA Kings, according to the announcement.
So what will this new arrangement look like for audiences? Numerous Crypto.com signage and trademarks, including in the form of 3,300 square meter “activation spaces” at the entrance of the building, and “reserved activation zones” throughout the arena.
Crypto.com and AEG also said they want to work with the community to prioritize sustainability and local engagement. In the press release, they note that AEG was one of the first companies to adopt a greenhouse gas mitigation target based on the 1.5 C global warming limit set by the Intergovernmental Panel on Climate Change. Climate change recommendations and Crypto.com committed to becoming carbon negative by the end of 2022.
