The Clippers have long been home to the Lakers, and will be the Crypto.com Arena

LOS ANGELES, CALIFORNIA – MARCH 12: Outside Staples Center after both the NHL and NBA have postponed seasons due to corona virus concerns at the Staples Center on March 12, 2020 in Los Angeles, California. (Photo by Harry How / Getty Images)

LOS ANGELES (AP) – Staples Center gets a new name. From Christmas Day it will be Crypto.com Arena.

Downtown Los Angeles home of the NBA’s Lakers and Clippers, NHL’s Kings and WNBA’s Sparks will change name after 22 years of operation, arena owner AEG announced Tuesday night.

A person familiar with the deal tells the Associated Press that Crypto.com is paying $ 700 million over 20 years to rename the building. The person spoke on condition of anonymity because the parties do not publicly announce the terms of what is believed to be the richest naming rights deal in sports history.

The 20,000-seat arena has been the Staples Center since it opened in October 1999, with the naming rights owned by the U.S. retail office supplies company under a 20-year deal. The name changes when the Lakers host the Brooklyn Nets in the NBA’s annual Christmas showcase.

Crypto.com is a cryptocurrency platform and exchange headquartered in Singapore. Crypto.com was founded in 2016 and has been on a consumer journey across the global sports landscape over the past year. The platform has entered into high-visibility sponsorship deals with Formula 1, the UFC, Italy’s Serie A, Paris St-Germain and the NHL’s Montreal Canadiens – while at the same time purchasing the Philadelphia 76ers’ uniform sponsorship patch.

AEG, the sports and entertainment conglomerate that has majority ownership of the Kings and had a stake in the Lakers until last summer, built the arena, which quickly became a famous setting for major events in the United States’ second-largest metropolitan area.

Along with its sports renters, the arena has hosted 19 Grammy Awards ceremonies, three NBA All-Star Games, two NHL All-Star Games and countless high-profile concerts, performances and major public events, including memorials to Michael Jackson, Nipsey Hussle and Kobe Bryant .

The Lakers have won six NBA championships during their tenure in the hollow arena, including three straight in their first three years of operation. Banners commemorating the Lakers’ 17 NBA titles hang high on the walls above the game floor, giving what is perhaps the most distinctive interior of the building.

The Sparks have won three WNBA titles while at the Staples Center, and the Kings won their first two Stanley Cup championships in 2012 and 2014, where they both got on the home ice.

The Clippers will be short timers at the Crypto.com Arena. They are scheduled to open owner Steve Ballmer’s $ 1 billion, 18,000-seat Intuit Dome in Inglewood in 2024, when their Staples Center lease expires. Sparks could also leave the center at the time, though nothing has been decided.

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