An agreement for “change of name” has been executed between AEG and Crypto.com according to which, the partners wish to substitute the name of America’s landmark and the iconic building known globally as “Staples Center” with “Crypto.com Arena”. The arrangement provides Crypto.com with the naming rights of the building for the next 20 years. The name change will come into effect on the day of Christmas.
Staples Center is one of the landmarks and iconic buildings situated in Los Angeles, USA. This landmark building houses some of the finest sports arenas not just in the US but in the entire world. It has its individualistic significance in the international community as mega sports events of the international level have been held within the building many times.
The iconic arena building of Staples Center is owned by an American company namely “AEG”. This very company AEG is the same company that also owns Crypto.com. So instead of a private business deal, the agreement for “naming rights” is rather an in-house business deal between AEG and Crypto.com.
Both companies i.e. Crypto.com and AEG have individually announced having signed an agreement with each other for acquiring naming rights. Under the agreement, the seller of the naming rights is AEG and the purchaser of these rights is Crypto.com. Both companies have announced separately that the naming rights have been acquired for a period of 20 years. Crypto.com has announced individually that it wishes to change the existing name of “Staples Center” into “Crypto.com Arena”.
Staples Building is situated in the heart of Los Angeles and has the capacity of housing 20,000 fans seat-wise at a time. It has won several local and international awards for being one of the best sports arenas in the world. This iconic arena came into being in October 1999 and since then is recognized by its birth name as “Staples Building”. The building is primarily owned jointly by two companies namely Anschutz Entertainment Group (AEG) and Arturo LA Arena Company (ALAC).
The arena of Staples Center is the official home-ground of the basketball team, Los Angeles Lakers, and native hockey team, Los Angeles Sparks. It also houses a team women’s team of basketball called “LA Clippers”, which is a registered team of the Women’s National Basketball Association of the US. While acquiring the naming rights of the building, Crypto.com has also become official partners of the sports teams utilizing the arena as their official home-ground.
It has been further told by Crypto.com that it will be paying US$ 700 Million under the agreement for obtaining the naming rights. The crypto trading and crypto custodial service provider firm has also informed that it wants to substitute the name on 25th December 2021. Until Christmas, the arena will continue to be recognized and addressed by its birth name, “Staples Center”, said Crypto.com.