The Los Angeles Lakers will rename the Staples Center in a reported $700 million deal with Crypto.com, the cryptocurrency mining company headquartered in Seattle. The Lakers are also considering adding code to its jerseys that would allow fans to buy and sell digital assets on their own devices during games.

Staples Center, which is home to the Lakers and Kings of the NBA as well as Ice Cube’s BIG3 basketball league will now be known as Crypto.com Arena. The center hosted its first ever cryptocurrency conference this past September with a line-up that included John McAfee, Erik Voorhees and Patrick Byrne from Overstock.

Crypto.com Arena is the new name of Staples Center in a reported $700 million naming rights deal. The company that owns Crypto.com, has been eyeing for some time to get into the sports and entertainment industry.

LOS ANGELES, Calif. — The Staples Center will be renamed. It will be Crypto.com Arena starting on Christmas Day.

After 22 years of operation, the arena that houses the NBA’s Lakers and Clippers, the NHL’s Kings, and the WNBA’s Sparks will change its name, according to arena owner AEG.

According to various sources, Crypto.com will spend $700 million over 20 years to rename the skyscraper. The financial parameters of what is thought to be the largest naming rights agreement in sports history aren’t being made public by the parties.

Since its opening in October 1999, the 20,000-seat arena has been known as Staples Center, with the name rights held by the American office-supplies retailer under a 20-year arrangement. When the Lakers take on the Brooklyn Nets in the NBA’s annual Christmas showcase, the name will change.

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Crypto.com is a cryptocurrency exchange and platform based in Singapore. Since its inception in 2016, Crypto.com has been on a shopping binge throughout the global sports sector. Formula One, the UFC, Italy’s Serie A, Paris St-Germain, and the NHL’s Montreal Canadiens have all signed high-profile sponsorship agreements with the platform, which also purchased the Philadelphia 76ers’ jersey sponsorship patch.

The arena was developed by AEG, the sports and entertainment organization that owns the Kings and had a share in the Lakers until this summer. It soon became a popular venue for big events in the United States’ second-largest metro region.

The arena has held 19 Grammy Awards ceremonies, three NBA All-Star Games, two NHL All-Star Games, and other high-profile concerts, performances, and major public events, including Michael Jackson, Nipsey Hussle, and Kobe Bryant tributes, in addition to its sports tenants.

During the Lakers’ time at the colossal venue, they have won six NBA titles, including three in a row in the first three years. Banners celebrating the Lakers’ 17 NBA championships hang high above the playing floor, creating the building’s most prominent interior feature.

The Sparks have won three WNBA championships there, while the Kings have won their first two Stanley Cup victories there (2012 and 2014), both on home ice.

The Clippers will be making their first appearance at Crypto.com Arena. When their contract at Staples Center ends in 2024, they’ll move to adjacent Inglewood to open Steve Ballmer’s $1.2 billion, 18,000-seat Intuit Dome. After facing the San Antonio Spurs on Tuesday night, the Clippers were among the first to respond to the name change.

Paul George, who grew up in Palmdale, outside of Los Angeles, said, “It’s sort of like simply removing the history here by dubbing it something else.”

Reggie Jackson struggled with the name change as well.

“[The Lakers] have a long history here, particularly with Kobe, especially throughout my childhood, when I was watching those titles. Shaq [O’Neal] is a basketball player from the United States. No, there are too many memories. It’ll be difficult to avoid calling it Staples “he stated

This story was co-written by the Associated Press and ESPN’s Ohm Youngmisuk.

The “Crypto.com Arena” is a reported $700 million naming rights deal for Staples Center in Los Angeles, California. The agreement will make the arena home to the Crypto.com cryptocurrency exchange and its related businesses. Reference: crypto com stock.

Frequently Asked Questions

How much did Staples pay for naming rights?

A: Staples paid $1.3 billion for the naming rights, more than double what they had originally asked for.

Why are they renaming Staples Center?

A: Staples Center will be renamed to The Forum, effective August 1st.

How much did the Staples Center sell for?

A: The Staples Center is the home of the NBAs Los Angeles Clippers and LA Live. It was bought by AEG in 2013 for $220 million, making it one of their biggest acquisitions to date.

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