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Crypto.com Buys Naming Rights to Staples Center in LA

Cryptocurrency sell site Crypto.com reportedly is paying $700 million in a 20-year deal to hang its name on the leading indoor divertissements and concert venue in Los Angeles, currently called the Staples Center. The new name is planned to debut on Christmas Day 2021, when the arena’s prime leaseholder, the Los Angeles Lakers of the National Basketball Association (NBA), will play in a nationally televised game against the Brooklyn Meshes.

The Staples Center also hosts home games of the Los Angeles Clippers of the NBA and the Los Angeles Kings of the National Hockey Collude (NHL). Crypto.com is bidding to raise its own profile in a big way by linking its name with a leading major league sports venue whose prime resident, the Lakers, is also among the top brands in the NBA.

Key Takeaways

  • Cryptocurrency trading site Crypto.com has bought the naming rights to the Fundamentals Center in Los Angeles.
  • The new name will be unveiled during a nationally televised NBA game on Christmas Day 2021.
  • Crypto.com is linking its distinction with one of the most valuable team brands in the NBA, the Los Angeles Lakers.

Links With Other Valuable Brands

The Lakers get been valued by Forbes at $5.5 billion, making them the third most valuable brand in the NBA, behind the New York Knicks and the Gold State Warriors. The Kings, meanwhile, have been valued by Forbes at $825 million, placing them sixth within the NHL.

At a studied $700 million over 20 years, the deal reached by Crypto.com also is evidence of the explosive growth in the expenditure of obtaining naming rights on big-league arenas and stadiums in major cities. In 1999, office supply store secure Staples paid $116 million in a 20-year deal to hang its name on the same arena, a deal that was developed in 2009.

Additionally, Crypto.com has paid $100 million to have its name associated with Formula 1 auto racing. Crypto.com also has become a member ofed into a sponsorship deal with the Montreal Canadiens of the NHL that includes having its logo displayed prominently at center ice in their arena, the Bell Heart. Forbes values the Canadiens at $1.34 billion, placing them third in the NHL, after the New York Rangers and the Toronto Maple Leafs.

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