Staples Center, home of the Lakers’ NBA team, to be renamed Crypto.com Arena

A change that may be weird for fans of the NBA and the Lakers team. The Staples Center, the emblematic venue of the Los Angeles Lakers, will be renamed Crypto.com Arena, the eponymous cryptocurrency platform and the owner of the premises AEG announced on Tuesday (November 16th), which reached an agreement for a record amount estimated at 700 million dollars. dollars (approximately 619 million euros).

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“Crypto.com, the world’s fastest growing cryptocurrency platform, and AEG (Anschutz Entertainment Group), a world leader in sports and live entertainment, have reached a landmark 20-year agreement for the rights to name of the Staples Center, which, effective December 25, will be known as Crypto.com Arena, “the joint statement said.

The Downtown LA hall, with a capacity of 20,000 seats, has been hosting home matches since its opening in 1999 for the Lakers, Clippers, who also play in the NBA, the Kings, who are engaged in NHL (ice hockey), and the Sparks who play in WNBA (women’s basketball). Concerts by major artists take place there, as well as prestigious annual events such as the Grammy Awards.

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This agreement was concluded for an amount of 700 million dollars, reports the Financial Times, specifying that the transaction will be made in real money and not in cryptocurrency. Which would be a record for this type of partnership. 22 years ago, the office automation firm Staples paid $ 120 million (or about 106 million euros) to put its name on the front of the room.

Crypto.com, also linked to Paris Saint-Germain, the Philadelphia 76ers and the Ultimate Fighting Championship, the main professional mixed martial arts (MMA) league, is a Singapore-based company dedicated to promoting the ‘use of cryptocurrencies such as bitcoin on a large scale.

“In a few years, people will look back on that day and think that is when cryptocurrencies crossed the cosmos and entered the mainstream,” said its CEO, Kris Marszalek, excitedly. in the columns of the FT.

“There may be some initial resistance to the idea of ​​the (name) change, I think it’s quite natural. But we are ready to work with the local community and prove to them that it is. This is a change for the better, for LA and for the fans, ”he added. While the name change will take effect on Christmas, the physical signage of the venue would not change until June 2022.

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