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The sporting world has been left stunned after the iconic Staples Center has announced it will change its name to Crypto.com Arena after a new sponsorship deal.
Staples Center, home to the Los Angeles Lakers and Clippers since 1999, will undergo the name change following the biggest naming rights deal in US history.
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The 20-year agreement for the AEG-owned and operated venue will be effective from Christmas Day, AEG said.
The NHL's LA Kings and the WNBA's Los Angeles Sparks also play at the arena.
The Los Angeles Times, citing unidentified sources, reported that the Singapore-based Crypto.com platform paid more than $AUD962 million for the naming rights.
Crypto.com was not immediately available for comment though it confirmed the deal in a statement on its website.
The deal certainly raised eyebrows with sport fans taking aim at the huge change after a number of iconic moments took place at the arena known as Staples Center.
It’s believed to also be the worst naming rights deal ever. https://t.co/99Ycz2tpmc
— Chris Williamson (@CWilliamson44) November 17, 2021
wow they did it, they came up with a worse name than Staples Center
— Molly Lambert 🦔 (@mollylambert) November 17, 2021
Imagine paying $700+ million for naming rights to an arena that will always be called Staples Center. https://t.co/5bUvom0Eli
— Matthew Moreno (@MMoreno1015) November 17, 2021
honestly forgot that “Staples Center” was a sponsored arena name
— Rodger Sherman (@rodger) November 17, 2021
It’s not that L.A. is attached to the name of an office supply store, it’s that many of the greatest moments in L.A. sports history have occurred in a building we’ve called “Staples Center”for over 20 years. We’re not going to call it https://t.co/sPEtlkDkFI Arena in a few days.
— Arash Markazi (@ArashMarkazi) November 17, 2021
,,,Losing Staples Center hurts. Losing the arena name that is synonymous with Kobe Bryant hurts. Losing the name of the place where I witnessed some of the greatest L.A sports moments over the last 20 years hurts.
— Bill Plaschke (@BillPlaschke) November 17, 2021
Crypto.com name change
In over 20 years, the venue has been the stage for high-profile events like the Grammys and concerts by the likes of Taylor Swift, Beyoncé and Ed Sheeran.
Cryptocurrencies have attracted a surge of interest in recent months, as mainstream investors and companies embrace bitcoin and other digital token.
In a joint statement published on the Staples Center's website, the parties said that the deal would make Crypto.com an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings.
Recently, soccer club Paris St Germain announced that Lionel Messi's signing fee at the club included some cryptocurrency fan tokens.
Crypto.com was founded in 2016. The actor Matt Damon is an investor in the platform and he recently took part in a campaign to promote it.
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