The House that Kobe Built is getting a new name on Christmas Day, when the Staples Center is slated to become Crypto.com Arena.
Anschutz Entertainment Group has struck a blockbuster deal with Singapore-based cryptocurrency exchange Crypto.com for the naming rights to the Downtown Los Angeles stadium, according to ESPN.
The $700 million, 20-year naming rights deal is believed to be the priciest naming rights deal in the history of sports.
Staples has owned the naming rights to the 20,000-seat arena since it opened in 1999.
The arena is home to the NBA’s L.A. Lakers and L.A. Clippers, along with the WNBA’s L.A. Sparks and the NHL’s L.A. Kings. Those teams have brought home numerous championships over their years, helping to make the Staples Center one of the most well-known sports arenas in the country.
The stadium regularly hosts high-profile events, including boxing matches, concerts, and the Grammy Awards ceremony since 2000. It is set to host the 2028 Summer Olympics basketball tournament.
The Staples Center could soon have some competition for events and prestige among L.A.-area venues, however.
The L.A. Clippers are set to move to a $1.8 billion stadium and entertainment complex in Inglewood upon its completion, slated for the 2024-2025 NBA season. The Clippers recently landed business software developer Intuit for a $500 million naming-rights deal over 22 years.
AEG earlier this year agreed to spent “nine figures” on a renovation of the Staples Center as part of a deal to keep the arena the home of the L.A. Lakers for the next 20 years.
Crypto.com, founded in 2016, has been on a sponsorship tear over the last few years. Actor Matt Damon is also working on promotions for the company.
This summer the company struck a “global partner” deal for Formula One’s new Sprint series. It also signed sponsorship deals with the Ultimate Fighting Championship, the NHL’s Montreal Canadiens, and for the jersey sponsorship of the NBA’s Philadelphia 76ers.
[ESPN] — Dennis Lynch