Home of NBA’s LA Lakers to be renamed Crypto.com
by: Dynasty GI2021-11-20
The Singapore-based platform Crypto.com has bought the rights to rename the famous Staples Center in Los Angeles, home to the LA Lakers basketball team and the venue for the Grammy Awards.
The deal, that reportedly cost Crypto.com US$ 700 million, will lead to the first name change for the famous sports and events arena since its opening in 1999, when the American office supply company Staples paid US$ 120 million to retain the naming rights for 20 years.
In addition to the LA Lakers, the venue is also the home for two more basketball franchises – the Clippers and Sparks – and ice hockey’s LA Kings. It also hosted most of the 21 Grammy music awards events held so far and regularly stages concerts by some of the world’s biggest musical acts. The move by Crypto.com makes it one of the largest sponsorship deals in sport’s history and will formally start on December 25th, with the physical signage changes due to be completed no later than June 2022 at the site owned by AEG, a US-based event and sports venue business with sites around the world. It is also the latest major sponsorship deal involving big crypto brands, following agreements by companies such as FTX, Coinbase, Binance and BitMEX covering football, basketball, baseball, cricket and Formula 1 auto racing. Eduardo Carvalho, the founder and CEO of Dynasty Global Investments AG, said:
"We will look back at 2021 as the year when the crypto world took the vital step of moving from being niche to becoming mainstream. Deals like Crypto.com’s will ensure that millions will be exposed to crypto-related brands, helping promote not only them but the industry as a whole."