The Los Angeles Lakers organization is approaching an end of an era as in the last days of 2021, Staples Center will change its iconic name to Crypto.com Arena.
The 20,000-seater has homed the Purple and Gold since 1999 when they moved from The Forum to what it was then a state-of-the-art sports complex. The Lakers have raised six championship banners and three retired jerseys into Staples Center’s rafters.
From Dec. 25 onwards, those will be known as Crypto.com Arena’s rafters. However, the complex’s owners, Anschutz Entertainment Group (AEG), are planning to change much more than just the name of the building at 1111 South Figueroa Street, according to the L.A. reporter Arash Markazi:
I’m told Staples Center will undergo a massive renovation following this record naming rights deal. AEG officials view this as Staples Center’s version of Madison Square Garden’s $1 billion renovation. Everything from the concourse to the seats to the concessions will be changed.
— Arash Markazi (@ArashMarkazi) November 17, 2021
AEG’s received massive funds boost as the agreement with Crypto.com is believed to be the largest venue naming rights deal in the U.S., worth over $700 million.
Staples Center’s transition into Crypto.com Arena will reportedly take time. The cult Staples-branded signage might completely disappear from the outer parts of the complex only after the end of the 2021-22 season:
According to AEG: The new logo and other branding assets including internal arena signage for https://t.co/sPEtlkDkFI Arena will change Christmas Day but all of the venue’s external signage will be replaced by June 2022. So exterior signage may not change until after this season. pic.twitter.com/R3MAW1RuzI
— Arash Markazi (@ArashMarkazi) November 17, 2021
The Lakers recently extended their tenancy agreement with AEG until at least 2041. However, they only have seven games left before Staples Center debuts its new name.
Staples Center naming rights just beginning of Crypto.com’s investments in L.A.
In a press release, Crypto.com co-founder CEO Kris Marszalek hinted at the company’s long-term involvement in the City of Angels.
It read: “We’re very excited about partnering with AEG and investing long-term in this city, starting with Crypto.com Arena in the heart of downtown.”
As part of the agreement, Crypto.com has become the official cryptocurrency platform partner of the Lakers and the L.A. Kings.
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