The Staples Center will be renamed for Crypto.com next month in a $700 million deal for the naming rights. This is the home arena of the Los Angeles Lakers and WNBA’s Sparks.
The deal, announced Tuesday night, links Crypto.com with Anschutz Entertainment Group, which owns the Staples Center and surrounding complex, L.A. Live. The downtown arena is the home court to the Lakers, Clippers and National Hockey League’s Kings franchise. According to a source familiar with the agreement, it is a 20-year contract worth $700 million.
It is one of the richest naming rights deals in sports. As part of the NBA’s annual Christmas Day games on Dec. 25, Crypto.com will be renamed to Crypto.com. Dan Beckerman, AEG’s president and CEO, said in a statement that “this partnership is about the future.” Crypto.com and AEG have a common commitment both to sports and entertainment, as well as to the communities in which they operate. Crypto.com and we look forward to working together to bring that vision to life in the years to come.”
A partnership between Crypto.com and one of the NBA’s top brands offers the cryptocurrency platform crucial brand awareness as it seeks to capture market share in the growing digital currency market. LeBron James, one of the league’s biggest stars, plays for the Lakers, who have won 17 NBA titles, tied for the most in league history. Currently, Forbes values the Lakers at $5.5 billion. Those numbers rank third behind the Warriors and the New York Knicks in the NBA.
More than 10 million people use Crypto.com’s platform to buy and sell cryptocurrencies. Crypto.com also has a sponsorship agreement with the NHL’s Montreal Canadiens and a $100 million deal with Formula 1. Cryptocurrency sponsorships are becoming more popular among sports leagues as a result of the emergence of the digital currency market among retail investors. This is due to leagues and clubs attempting to rebuild after the Covid pandemic.