Crypto.com signs reported $700m L.A. arena naming deal
17:11, 17 November 2021
Crypto.com reached an agreement with entertainment-venue operator Anschutz Entertainment Group (AEG) for naming rights across its entire Los Angeles, California L.A. Live complex, the companies announced jointly.
The brand sponsorship is worth a reported $700 million over 20 years and covers the current Staples Center, as well as signage across AEG’s L.A. Live campus, including the Microsoft Theater and The Novo. Additionally, Crypto.com will become the official cryptocurrency exchange of the Los Angeles Kings of the National Hockey League (NHL) and the Los Angeles Lakers of the National Basketball Association (NBA).
CNBC reported the agreement totalled $700m (£518.84m). The office-supply chain Staples has owned the Staples Center's naming rights since the arena opened in 1999. Maximum capacity at the arena is roughly 21,000, although seating varies by the event.
Takes effect on Christmas Day
The Singapore-based cryptocurrency exchange will unveil its new brand logo on 25 December during a Lakers game against the Brooklyn Nets. The Staples Center will be renamed Crypto.com Arena, with all external signage replaced by mid-2022, the released added.
“This partnership is about the future,” said AEG CEO Dan Beckerman, in a statement announcing the partnership. “AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live.”
“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,” added Crypto.com CEO Kris Marszalek in the same release.
4 million annual attendance
Besides the Kings and Lakers, Staples Center is also the home to the NBA’s Los Angeles Clippers and the Women’s Basketball Association’s (WNBA) Los Angeles Sparks. The venue has also hosted The Recording Academy’s Grammy Awards ceremony for 19 of the last 21 years, as well as numerous NBA and NHL All-Star Games, concerts and boxing matches.
All told, the venue hosts 240 events with over four million in attendance on average per year.
The Clippers are scheduled to relocate to a new venue, the Intuit Dome in Inglewood, California beginning in the 2024-2025 NBA season.
Crypto.com branding portfolio
Crypto.com’s portfolio of global brand partnerships includes The Ultimate Fighting Championship (UFC), F1 auto racing, Ligue 1’s Paris Saint-Germain F.C., the NBA’s Philadelphia 76ers and the NHL’s Montreal Canadiens. Corporate branding agreements include the Italian Football league and Twitch Rivals.
Arash Markazi of MSG Network in New York reports the proceeds of the naming rights agreement will, in part, fund a massive renovation of the arena. “Everything from the seats to the concessions will be changed,” Markazi tweeted Wednesday morning.