By Dennis Romero -
NBC News
The Staples Center in Los Angeles, one of the most iconic sports and music venues built in the last 25 years, will have a new name, stakeholders announced late Tuesday.
It will be called Crypto.com Arena after an agreement with the owner of the Staples Center, AEG, the entertainment conglomerate associated with Denver billionaire Phil Anschutz, according to the cybercurrency platform.
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Crypto.com will pay $ 700 million over 20 years to rename the building, a person familiar with the situation told The Associated Press news agency who spoke on condition of anonymity because the parties had not yet announced the terms of what is believed. it will be the most expensive deal of its kind in sports history.
The agreement also includes the conversion of Crypto.com into "official partner of the cryptocurrency platform" for the Los Angeles Lakers and Los Angeles Kings, who play home games in the pavilion, according to the company.
Police cars parked in front of the Staples Center where the 63rd Grammy Awards are being held in Los Angeles, California on March 14, 2021. VALERIE MACON / AFP via Getty Images
The name takes effect on December 25 as part of a 20-year agreement, and a new logo will be unveiled that day, but it will take until about June for all external signage to reflect the new name, according to Crypto.com.
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"We are excited to partner with AEG and invest long-term in this city, starting with the Crypto.com Arena in the heart of downtown, and to use our platform in new and creative ways," said the CEO. Crypto.com's Kris Marszalek in the company statement.
Crypto.com is a Singapore-based cryptocurrency and currency exchange platform.
Founded in 2016, Crypto.com invested heavily in the global sports landscape in the last year.
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The company closed colorful sponsorship deals with Formula One, the UFC, the Italian Serie A, Paris Saint-Germain and the Montreal Canadiens of the NHL, in addition to being present on the Philadelphia 76ers jersey.
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The 20,000-seat stadium opened in 1999 under the name Staples and has hosted Lakers championships, the Grammy Awards and memorial services for NBA star Kobe Bryant and Michael Jackson.
It was developed, along with other AEG properties that are part of the LA Live complex, with the help of a now-defunct city redevelopment agency.
Tax breaks were used to attract adjacent hotels, and the day-to-day management of the nearby city's convention center was eventually entrusted to an AEG partner.