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Crypto.com Is Reportedly Paying $700 Million To Use Crypto.com Arena Instead Of Staples Center For Next 20 Years

Crypto.com Is Reportedly Paying $700 Million To Use Crypto.com Arena Instead Of Staples Center For Next 20 Years

Staples Center is no more, starting December 25, 2021, the iconic Los Angeles Lakers and the Los Angeles Clippers stadium is being renamed "Crypto.com Arena." While the location of the stadium will not change, it will never be again, at least for the fans.

Clippers superstar Paul George earlier shared his thoughts on the name change. George believes it will be weird as it is kind of stripping the history of the stadium by changing the name.

What George said is completely true, but the decision has already been finalized and there is nothing that can be done now. It came as a surprise to many because Staples had bought the lifetime naming rights to the stadium back in 2009. Renowned columnist Arash Markazi tweeted about the deal. He revealed:

"Staples bought lifetime naming rights for the Staples Center in 2009. It was thought that as long as the arena was standing, it would be called the Staples Center. It was the first lifetime naming rights deal for a major market arena. It will always be the Staples Center to fans."

It was later unveiled that AEG silently bought the naming rights back in 2019. Furthermore, Crypto.com is set to pay $700  million to keep the name unchanged for the next 20 years.

"AEG 'quietly bought back the naming rights from Staples, owned by 2019 by private equity firm Sycamore Partners... Staples originally paid $120 million for a 20-year naming rights deal in 1999.' Crypto-com will pay $700 million for a 20-year deal for Crypto-com Arena."

Markazi made another revelation. It being that Crypto.com will become the official crypto partner of the Lakers and Kings.

"Crypto.com announced it will also be the official crypto partner of the Lakers and Kings. Why not the Clippers and Sparks? The Clippers will be moving out of Staples Center and into the $1.2 billion Intuit Dome in 2024. The Sparks could leave Staples Center then too."

While these changes can happen from time to time as it is a part of the business, the most surprising part is that the Hong-Kong based CEO of Cryto.com has never been to a Lakers game ever.

"The Hong Kong-based CEO of Crypto.com has never been to a Lakers game (or any event) at the Staples Center. But he'll be at the game on December 25, when his company takes over the naming rights for the iconic LA arena.

That's it for Staples Center, but fans will never forget it. At the end of the day, basketball is much more than just names, it is about memories and emotions as well.

Hopefully, there will be new memories written at the iconic arena, where fans have seen countless remarkable moments take place.