Staples Centre In Los Angeles Set To Be Renamed As Crypto.com

SYNOPSIS

  • Staples Center, announced on Tuesday that it would rebrand as Crypto.com Arena.
  • The modification will take effect on Christmas Day, according to a statement posted late Tuesday but dated Wednesday by the venue in Los Angeles.
  • Last year, it hosted a tribute for Mr. Bryant and his 13-year-old daughter, Gianna, who died in a helicopter crash.

High-flying technology giants bought up naming rights to stadiums and arenas during the internet boom two decades ago, giving the world PSINet Stadium and Enron Field.

Today’s corporate zeitgeist is dominated by cryptocurrencies, and the new name of the Los Angeles Lakers’ home will reflect this trend.

The Lakers’ and other professional sports teams’ home, the Staples Center, announced on Tuesday that it would rebrand as Crypto.com Arena, after a cryptocurrency network based in Singapore.

The modification will take effect on Christmas Day, according to a statement posted late Tuesday but dated Wednesday by the venue in Los Angeles.

The amount paid for the acquisition by Crypto.com, which was created in 2016, was not disclosed in the statement.

The actor Matt Damon is the pitchman for Crypto.com, a trading and services platform for exchanging Bitcoin, Ether, Dogecoin, and other virtual currencies.

Senior Lead writer Shams Charania wrote in a Tweet that, “It’s believed to be the largest U.S. venue naming rights deal to date.”

20-YEAR NAMING RIGHTS BOND

Crypto.com signed a 20-year naming-rights deal with AEG, the Los Angeles-based entertainment firm that runs the arena.

AEG is owned by billionaire investor Philip F. Anschutz. Since its inception in 1999, the arena has been named after the Massachusetts-based Staples office supplies firm.

Many are excited about the rename while some are still in love with the old name.

WSJ media reporter Joe Flint showed his grief on the news and wrote his emotions out on Twitter.

The Staples Center began as the home of the Los Angeles Lakers, who were led to three consecutive championships by Kobe Bryant and Shaquille O’Neal.

Last year, it hosted a tribute for Mr. Bryant and his 13-year-old daughter, Gianna, who died in a helicopter crash near Los Angeles with seven other people.

In addition to the Lakers, it is home to the Los Angeles Clippers of the National Basketball Association, as well as the Los Angeles Kings of the National Hockey League and the Los Angeles Sparks of the Women’s National Basketball Association.

Crypto.com Arena will not be the first stadium to bear the name of a cryptocurrency.

The Miami Heat and the local government struck a $135 million, 19-year deal with FTX, a cryptocurrency exchange based in Hong Kong, to rebrand the arena where the NBA club plays. It is now known as FTX Arena instead of American Airlines Arena.

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