The home of the Los Angeles Lakers and Clippers is set to undergo a name change.
Shams Charania of Stadium and The Athletic reported that the Staples Center will be renamed Crypto.com Arena starting Dec. 25. He added that the multiyear naming-rights deal is believed to be the largest for a U.S. venue.
According to CNBC, the contract is for 20 years and worth $ 700 million.
The Staples Center opened on Oct. 17, 1999. In addition to the Lakers and Clippers, it is also the home of the Los Angeles Kings in the NHL and the WNBA's Los Angeles Sparks.
The Staples Center confirmed the impending name change in a press release, formally announcing a partnership between Crypto.com and AEG, the company that owns and operates the arena. The new logo and internal arena signage will be unveiled before the Lakers' Christmas Day game against the Brooklyn Nets. The release states that all external signage is expected to be replaced by June 2022.
Dan Primack of Axios reported that the 20-year naming rights agreement is believed to be worth $700 million. NBA.com writer Mark Medina confirmed that number. Primack noted that SoFi paid over $600 million for 20-year naming rights for the Los Angeles football stadium that is home to the Chargers and the Rams.
Primack added that AEG bought back the naming rights to the arena from Staples in early 2019 and began working on details of a deal with Crypto.com this past summer.
With cryptocurrencies becoming more and more popular, this agreement makes Crypto.com an official cryptocurrency platform partner for the Lakers and the Kings.