The Great Name Change: From Staples to Crypto.com
In a move that could make your wallet weep, the Staples Center will now officially be known as Crypto.com Arena. Thanks to a whopping $700 million deal over 20 years with AEG, the arena’s name and logo are set for a complete makeover. This marks a significant pivot from the days when Staples held down the naming rights for $100 million back in ’99. Talk about inflation, right?
A Hub of Entertainment
For those unfamiliar with the arena, it’s no small potatoes. The Crypto.com Arena, or as I like to call it ‘the former Staples Center,’ has been a sanctuary for sports and entertainment lovers since it opened its doors. Housing the NBA’s legendary Lakers and Clippers, the NHL’s Kings, and the WNBA’s Sparks, it’s also played host to everything from epic boxing matches to unforgettable concerts.
What This Means for LA Sports Teams
AEG’s chief revenue officer Dan Goldstein has described the partnership as an “exciting new chapter.” But what does that mean for fans? Well, it means that the arena’s new partner, Crypto.com, will become the “official cryptocurrency platform partner” for both the Los Angeles Lakers and the Kings. Not only does this signify a tech-savvy push into sports, but it also gives fans some crypto-themed branding to look forward to.
Crypto.com: More Than Just a Name
Despite being new to the naming rights game, Crypto.com is no rookie when it comes to sports sponsorships. It has previously entered into agreements across various platforms, like a $100 million deal with Formula 1 and a jaw-dropping $175 million sponsorship with the UFC. So, get ready to see more crypto-themed promotions, crypto giveaways, and ads featuring athletes who know their way around digital currency.
The Impact of this Deal
With AEG running the show and Crypto.com aiming high, one can’t help but wonder how this will affect not just the vibe of the arena but also where this leaves fans in the long run. Will we see cryptocurrency earnings as rewards for attendance or merchandise purchases? Only time will tell, but one thing’s for sure: Los Angeles sports fans are in for a ride. So, buckle up; we’re about to take a wild trip down the trail of cryptocurrencies and sports!
