Staples Center: The Crypto.com platform paid more than $700 million for the naming rights to LA’s iconic Staples Center
The Staples Center sports and entertainment arena. In downtown Los Angeles will be renamed the Crypto.com Arena. Under a naming rights agreement, the venue’s operator said.
AEG-owned and operated venue
The 20-year agreement for the AEG-owned and operated venue. Which is home to the NBA’s Los Angeles Lakers and LA Clippers. The NHL’s LA Kings and the WNBA’s Los Angeles Sparks will be effective from Christmas Day, AEG said.
The Los Angeles Times, citing unidentified sources. Reported that the Singapore-based Crypto.com platform paid. More than $700 million for the naming rights.
Crypto.com was not immediately available for comment though it confirmed the deal in a statement on its website.
In over 20 years, the venue has been the stage. For high-profile events like the Grammys and concerts by the likes of Taylor Swift, Beyoncé, and Ed Sheeran.
Cryptocurrencies have attracted a surge of interest in recent months. As mainstream investors and companies embrace bitcoin and other digital tokens.
Staples Center’s website
In a joint statement published on the Staples Center’s website. The parties said that the deal would make Crypto.com an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings.
Recently, soccer club Paris St Germain announced that Lionel Messi’s signing fee at the club included some cryptocurrency fan tokens.
Crypto.com was founded in 2016. The actor Matt Damon is an investor in the platform because he recently took part in a campaign to promote it. – Reuters
Staples Center is a multi-purpose arena in Downtown Los Angeles. Adjacent to the L.A. Live development, it is located next to the Los Angeles Convention Center complex along Figueroa Street. The arena opened on October 17, 1999. Beginning December 25, 2021, the arena will be known as the Crypto.com Arena, after cryptocurrency website Crypto.com purchased naming rights.
Arturo L.A. Arena Company and Anschutz Entertainment Group
It is owned and operated by the Arturo L.A. Arena Company and Anschutz Entertainment Group. The arena is the home venue to the Los Angeles Kings of the National Hockey League (NHL). The Los Angeles Lakers and the Los Angeles Clippers of the National Basketball Association (NBA). And the Los Angeles Sparks of the Women’s National Basketball Association (WNBA). The Los Angeles Avengers of the Arena Football League (AFL).
And the South Bay Lakers of the NBA G League were also tenants. At the Toyota Sports Center in El Segundo, California for the 2011–12 season. Staples Center also hosts over 250 events and nearly 4 million guests each year. As well as one of only three North American professional sports venues to host two teams from the same league; MetLife Stadium, the home of the National Football League’s New York Giants and New York Jets, is one; SoFi Stadium, the home of the National Football League’s Los Angeles Rams and Los Angeles Chargers, is the other. Staples Center is the venue of the Grammy Awards ceremony. And will host the basketball competition during the 2028 Summer Olympics.
Los Angeles designated Kobe Bryant Day
On August 24, 2020, a day the city of Los Angeles designated Kobe Bryant Day. To honor former Lakers guard Kobe Bryant. Who died in a helicopter crash in January of that year. The City of Los Angeles announced that Figueroa Street between Olympic and Martin Luther King Jr. Because it includes the area Staples Center is on will be renamed Kobe Bryant Boulevard.
Long before construction broke ground. Plans for the arena were negotiated between elected city officials and real estate developers Edward P. Roski of Majestic Realty and Philip Anschutz. Roski and Anschutz had acquired the Los Angeles Kings in 1995 and in 1996. Began looking for a new home for their team, which then played at the Forum in Inglewood.
Majestic Realty Co. and AEG were scouring the Los Angeles area. Then-president of the LA Recreation and Parks Commission. Soboroff requested that they consider building the arena in downtown Los Angeles adjacent to the convention center.
Months of negotiations ensued between Anschutz and city officials. Because with Roski and John Semcken of Majestic Realty Co. spearheading the negotiations for the real estate developers. The negotiations grew contentious at times. And the real estate developers threatened to pull out altogether on more than one occasion. The main opposition came from Councilman Joel Wachs, who opposed utilizing public funds to subsidize the proposed project. And councilwoman Rita Walters, who objected to parts of it.
city leaders reached an agreement
Ultimately, the developers and city leaders reached an agreement. And in 1997, construction broke ground on the new building. Which opened two years later. The arena opened on October 17, 1999, with a Bruce Springsteen & The E Street Band concert as its inaugural event.
On October 21, 2009, Staples Center celebrated its 10th anniversary. To commemorate the occasion because the venue’s official website nominated 25 of the arena’s greatest moments. From its first ten years with fans voting on the top ten.
Including refurbished locker rooms for the Clippers. Kings, and Lakers and the installation of a new US$10 million HD center-hung video scoreboard and jumbotron.