The Staples Center area in Los Angeles will probably be renamed to Crypto.com Arena on Christmas day, in accordance to a press release .
- The Singapore-based crypto change purchased the naming rights from AEG for 20 years, for $700 million, the L.A. Times reported, citing sources conversant in the matter.
- The $700 million determine makes it one of many largest naming offers in sports activities historical past, in accordance to the newspaper. An AEG spokesperson declined to touch upon the determine.
- The multi-purpose area will reveal the brand new branding on Dec. 25, when the Los Angeles Lakers host the Brooklyn Nets. All Staples Center exterior indicators will probably be modified to the brand new title by June 2022.
- Crypto.com may even be an official associate of the Los Angeles Lakers and the LA Kings below the settlement.
- AEG is the sports activities and leisure firm that owns and operates the Staples Center, in addition to different main sports activities and music venues like The O2 in London and Mercedes Platz in Berlin.
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UPDATE (Nov. 17, 08:00 UTC): Adds AEG remark in second paragraph.