The legendary Staples Center Arena in Los Angeles, USA, will change its name on Christmas day to Crypto.com Arena, has been confirmed.
The Singapore-based crypto exchange acquired the rights for the naming from AEG for $700 million. The deal was negotiated to last for 20 years, according to the LA Times, which cited several sources aware of details.
As expected, the $700 million figure represents one of the largest naming deals in the history of sports, although an AEG spokesperson has declined, for now, to offer an official confirmation regarding the sum of money used in the deal.
The multi-purpose arena is one of the most famous buildings in the US. Here, the likes of Madonna, Cher, and Mariah Carey performed, the public memorials for Michael Jackson, but also for Kobe Bryant and his daughter were held, and it represents the home of several teams, such as Los Angeles Lakers, Los Angeles Kings, and Los Angeles Clippers.
The reveal of the new name will take place on the first day of Christmas, on December 25th, when the Los Angeles Lakers will host the Brooklyn Nets. All external signs that refer to the name as being Staples Center will be changed by June 2022.
As part of the deal, Crypto.com will also become an official partner of the Los Angeles Lakers and the Los Angeles Kings.
AEG represents the sports and entertainment company that owns and operates the Staples Center, but also several other important sports and music venues around the world, such as The O2 in London and Mercedes Platz in Berlin.