Cover A general view of the exterior of the new Staples Center (Photo: Getty Images)
A general view of the exterior of the new Staples Center (Photo: Getty Images)
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The cryptocurrency platform won the US$$700 Million naming rights deal
The iconic Staples Center in Los Angeles is getting a new name.
From Christmas day this year, the Staples Center, which has been around for 22 years, will be known as the Crypto.com Arena, according to the arena’s owner, AEG.
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In what is one of the biggest naming rights deals in sports history, according to reports, Singapore-based cryptocurrency platform Crypto.com is paying US$700 million over the course of 20 years to rename the arena.
That said, the financial terms have not been publicly released by the relevant parties.
The arena, which is home to the NBA’s Lakers and Clippers, the NHL’s Kings and the WNBA’s Sparks, opened in 1999 and its naming rights were owned by Staples, an American office-supplies retail company under a 20-year agreement.
It has become a famous location over the years after hosting many major sporting events in the United States, as well as 19 Grammy Awards ceremonies, NBA All-Star Games, NHL All-Star Games and numerous high-profile concerts, performances and events, such as the memorials for Michael Jackson, Nipsey Hussle and Kobe Bryant.
The name of the centre is set to change when the Lakers host the Brooklyn Nets in the NBA’s annual Christmas showcase.
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Crypto.com is a cryptocurrency platform and exchange that is headquartered in Singapore. It was founded in 2016 and has been a huge presence in the global sports landscape, particularly this year.
The platform has made deals with Formula One, the UFC, Italy’s Serie A, Paris St-Germain and the NHL’s Montreal Canadiens. It also recently purchased the Philadelphia 76ers’ uniform sponsorship patch.
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Camillia Dass is the digital writer for Tatler Singapore.
