Crypto.com buys naming rights to Lakers’ Staples Center in a $700 million deal

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  • The Staples Center will be renamed Crypto.com next month in a $700 million deal for the naming rights for the Los Angeles Lakers’ home arena.
  • The name change will take effect on Christmas Day, as the Lakers host the Brooklyn Nets at the National Basketball Association’s annual Christmas Day games.
  • The deal connects Crypto.com with one of the top brands in the NBA, providing significant brand awareness as the cryptocurrency platform positions itself to capture market share in the growing digital currency space.

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The Staples Center will be renamed Crypto.com next month in a $700 million deal for the naming rights for the Los Angeles Lakers’ home arena.

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deal, announced Tuesday night, links Crypto.com with Anschutz Entertainment Group, which owns the Staples Center and the surrounding complex, LA Live. The downtown arena is the home court of the Lakers, Clippers and Kings franchise of the National Hockey League.

The terms of the agreement were not disclosed, but a person familiar with the deal told CNBC it was a 20-year contract worth $700 million.

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This makes the deal one of the richest naming rights agreements in games. In September, the Steve Ballmer-owned Clippers agreed to a $500 million deal with financial management tech company Intuit. And Chase Banks signed a 20-year, nearly $300 million naming rights deal with the Golden State Warriors in 2016.

The Crypto.com name change will take effect on Christmas Day, as the Lakers host the Brooklyn Nets at the National Basketball Association’s annual Christmas Day games. That game will be broadcast on Disney-owned ABC and ESPN.

“This partnership is about the future,” AEG President and CEO Dan Beckerman said in a statement. “AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also share a shared commitment to the communities where we work and live. We work to create meaningful initiatives. We look forward to partnering with Crypto.com to bring that vision to life in the years to come.”

Staples reportedly paid $116 million over 20 years, starting in 1999, for the naming rights to the arena. the parties Extended the agreement in 2009 in the midst of the Great Recession.

The deal connects Crypto.com with one of the top brands in the NBA, providing significant brand awareness as the cryptocurrency platform positions itself to capture market share in the growing digital currency space.

The Lakers have won 17 NBA titles, the most tied nba history, And on their roster is LeBron James, one of the biggest stars in the league. The franchise is worth $5.5 billion according to Forbes, This is the third most in the NBA after the Warriors and New York Knicks.

Crypto.com boasts of over 10 million users on its platform and allows users to buy and sell cryptocurrencies. The company earns revenue from transaction fees.

The firm also has a sports partnership with Formula 1 Racing in a $100 million deal and a sponsorship with the Montreal Canadiens of the NHL.

Retail investors in the digital currency market and leagues and clubs gain traction as more sports leagues are embracing cryptocurrency sponsorship, looking to rebound from the pitfalls of the Covid pandemic.

Major League Baseball and the New York-based Drone Racing League also hit out at crypto-related sponsorships. The Portland Trail Blazers rolled out the NBA’s first crypto jersey patch. And the Miami Heat named its home region after crypto platform FTX last March. The deal is for 19 years and is worth $135 million.

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