- Cryptocurrency exchange platform also becomes partner of LA Lakers and LA Kings
- Arena welcomes more than four million guests annually and hosts in excess of 240 events
Staples Center, the multipurpose venue which plays host to the Los Angeles Lakers, Sparks and Kings, is set for a name change after owner AEG struck a major new deal with the Crypto.com exchange platform.
The 20-year partnership, which the LA Times says is worth US$700 million over its duration, will see the venue become the Crypto.com Arena from 25th December.
That sponsorship figure, unconfirmed by either party, would make it the most valuable arena naming rights deal in history, surpassing the US$625 million SoFi paid to put its name on the home of the National Football League’s (NFL) Los Angeles Rams.
AEG’s global partnerships team brokered the deal, which will also see extensive Crypto.com branding installed across the venue to be revealed when the Lakers host the Brooklyn Nets on Christmas Day.
Crypto.com will also become the official cryptocurrency partner of the National Basketball Association’s (NBA) Lakers and National Hockey League’s (NHL) Kings under the new agreement.
The LA Sparks, the venue’s resident Women’s National Basketball Association (WNBA) franchise, were not included in that element of the deal.
AEG is the majority shareholder in the Kings, but sold its stake in the Lakers earlier this year. However, the Lakers did previously extend their lease at Staples Center until 2041.
Having first opened in 1999, the 20,000-seat arena welcomes more than four million guests annually and generally hosts in excess of 240 events.
Crypto.com has been on a sponsorship spending spree of late, securing high-profile deals with Formula One, the Ultimate Fighting Championship (UFC), Italian soccer’s Serie A, French club soccer giants Paris Saint-Germain and the NHL’s Montreal Canadiens, while also taking on the Philadelphia 76ers’ jersey patch sponsorship.
“Known as the creative capital of the world, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment,” said Kris Marszalek, co-founder and chief executive of Crypto.com.
“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, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world.”
Elsewhere, the NBA’s Houston Rockets have agreed a new partnership with Bitcoin services company NYDIG. The deal will be paid for entirely in Bitcoin and kept on NYDIG’s cryptocurrency platform.