The Staples Center, venue of the Grammy Awards and official home of the Los Angeles Lakers, will change its name to Crypto.com Arena after the cryptocurrency platform struck a multi-million dollar deal with Anschutz Entertainment Group (AEG), owner of the luxury venue.
In a statement, the name change will occur on December 25, the same day they will unveil the new logo and other brand assets, including the stadium’s internal signage.
“The new agreement includes official designations across Crypto.com Arena, L.A. LIVE, Microsoft Theater, The Novo, the Los Angeles Lakers and the LA Kings, strategically placing the fastest growing crypto platform at the forefront of the global sports and live-entertainment industry for the next 20 years,” read the statement.
The future of entertainment with Crypto.com and AEG
An anonymous source told the Associated Press that Singapore-based giant Crypto.com will pay more than US$700 million for the rights to the 20,000-seat stadium, nearly double what it cost to build in 1999 (US$375 million).
Crypto.com co-founder and CEO Kris Marszalek said his team is excited about the new partnership with AEG and investing in Los Angeles for the long term.
“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,” Marszalek said.
For his part, AEG chief revenue officer Todd Goldstein said its partnership with Crypto.com represents the convergence of “the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world,” with the goal of “driving the future” of the industry, “as well as the incredible legacy of this arena for decades to come.”
“It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community,” Goldstein added.
The Staples Center is home to four professional sports teams: basketball’s LA Lakers, LA Clippers and LA Sparks, as well as ice hockey’s LA Kings. It has also hosted major boxing and live music events, such as Bruce Springsteen and Taylor Swift, was the venue to honor NBA star Kobe Bryant after his tragic death, and was the site of Michael Jackson’s funeral.