The Staples Center arena in Los Angeles will be renamed to Crypto.com Arena on Christmas day, according to a press release .
- The Singapore-based crypto exchange bought the naming rights from AEG for 20 years, for $700 million, the L.A. Times reported, citing sources familiar with the matter.
- The $700 million figure makes it one of the largest naming deals in sports history, according to the newspaper. An AEG spokesperson declined to comment on the figure.
- The multi-purpose arena will reveal the new branding on Dec. 25, when the Los Angeles Lakers host the Brooklyn Nets. All Staples Center external signs will be changed to the new name by June 2022.
- Crypto.com will also be an official partner of the Los Angeles Lakers and the LA Kings under the agreement.
- AEG is the sports and entertainment company that owns and operates the Staples Center, as well as other major sports and music venues like The O2 in London and Mercedes Platz in Berlin.
Read more: Crypto.com Looks to Cash In on Bull Market With $100M Advertising Campaign
UPDATE (Nov. 17, 08:00 UTC): Adds AEG comment in second paragraph.