Iconic Staples Center to Be Renamed Crypto.com Arena
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Iconic Staples Center to Be Renamed Crypto.com Arena

2 years ago

The 20-year deal means the Crypto.com Arena will debut on Christmas Day, pushing the exchange's 2021's sports sponsorship deals past $1 billion.

Iconic Staples Center to Be Renamed Crypto.com Arena

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The Crypto.com exchange has agreed to pay $700 million to put its name on the Los Angeles sports stadium long known as the Staples Center.

The Crypto.com Arena will make its debut on Christmas Day, when the Lakers will host the Brooklyn Nets.

The astronomical naming rights deal with stadium owner AEG will put the cryptocurrency exchange's name on the home of the NBA's Los Angeles Lakers and Los Angeles Clippers, hockey's LA Kings, and the WNBA's Los Angeles Sparks for 20 years. It is one of the richest stadium naming rights deals ever, the L.A. Times said.

Singapore-based Crypto.com will also become the official cryptocurrency platform partner of the Lakers and Kings, and see its name plastered all over the L.A. Live entertainment complex in which the 20,000-seat stadium sits. That includes the Microsoft Theater, Grammy Museum, ESPN broadcasting studio and several other venues.

Crypto.com co-Founder and CEO Kris Marszalek pointed to L.A.'s position at the pinnacle of the entertainment industry, calling it "the creative capital of the world." He said:

"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."

Crypto investors were also excited, pushing the Crypto.com Coin up 30%, to a new all-time high.

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Sport Sponsorships Rivalry

The Crypto.com Arena deal comes on the heels of the competing FTX exchange's deal to rename the NBA's Miami Heat's home the FTX Arena

That 19-year deal was a comparative steal, coming in at just $135 million. But then, the downtown L.A. Staples Center is in one of the country's two top media markets, and beyond its three home teams, the arena hosts more than 240 high-profile events ranging from headliner concerts and boxing matches to the Grammy Awards, according to its owner, AEG.

That said, the two exchanges have been splurging out on sports-related marketing deals.

Since June, Crypto.com also reached a $175 million sponsorship deal with Ultimate Fighting Championship league this summer, a $100 million Global Partner deal with Formula 1 racing, and a jersey patch deal with basketball's Philadelphia 76ers, and signed on as top French soccer club Paris Saint-Germain F.C.'s official cryptocurrency platform partner.
A day before the Crypto.com Arena announcement, FTX unveiled a deal with baseball phenom Shohei Ohtani on the heels of similar endorsement deals with NFL legend Tom Brady and NBA superstar Steph Curry. And, the exchange also bought a Super Bowl ad that reportedly runs as high as $6.5 million.
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