Staples Center to be renamed Crypto.com Arena

California

LOS ANGELES, CA – OCTOBER 21: Exterior view during the press conference celebrating the 10th anniversary for the Staples Center on October 21, 2009 in Los Angeles, California. (Photo by Frederick M. Brown/Getty Images)

LOS ANGELES, Calif. (KRON) – Staples Center in Los Angeles will be given a new name for Christmas this year.

The home of the Lakers, Clippers, Sparks, and Kings will be re-named Crypto.com Arena.

This will be the first rebranding since the stadium opened in 1999.

In Crypto.com’s press release, they said that a new logo and other branding assets will be unveiled on Christmas Day. The Lakers will be hosting the Brooklyn Nets.

“Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment,” said Crypto.com Co-Founder and CEO, Kris Marszalek. “We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world-class sports, entertainment, and technology for fans in LA and around the world.”

According to Axios, it’s a 20 year, $700-million agreement — That would make it the most expensive naming rights deal ever.

The price tag for Chase Center’s naming rights was 20 years for $300 million.

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