Staples Center owner Anschutz Entertainment Group has extended its lease with the Los Angeles Lakers and committed to extensive renovations at the Downtown complex.
The lease keeps the franchise in its storied home court through 2041, according to the Los Angeles Times. Steve Ballmer’s L.A. Clippers, which shared the complex with the Lakers, depart for a new arena in Inglewood. The Staples Center is also home to the WNBA’s L.A. Sparks and the NHL’s L.A. Kings.
The Lakers are the main attraction, however, and the team’s lease would have expired in a few years. The new deal includes an agreement from AEG to spend “nine figures” to improve and update the 22-year-old arena, the Times reported.
Those renovations are said to be focused on creating common areas for fans to gather away from their seats. AEG has been working on renovations at its other properties in the area to keep them competitive.
Those include L.A. Live, which is set for a $1.2 billion renovation to attract larger events. AEG is also planning a 160-key hotel nearby.
[LAT] — Dennis Lynch