LA’s Iconic Staples Center Evolves Into Crypto.com Arena In Major Rebrand
Image ID 40929524 © via Wellesenterprises | Dreamstime.com
The Staples Center in Los Angeles, home to the LA Lakers, will be getting a new name come Christmas Day. Crypto.com is set to replace Staples as the arena’s title sponsor, which will mark one of the most high-profile marketing moves by the Singapore-based exchange.
“If I had to pick one place to have naming rights, it would be Staples Center. This is in line with our ambition to be a top brand in the coming years, next to Nike and Apple,” said Kris Marszalek, the site’s CEO.
Image via Staples Center
According to Bloomberg, insiders speculated that the deal could be worth more than US$700 million, with the contract extending over 20 years. This deal, while not the first for the brand—which has sponsored basketball, soccer, and esports teams—is certainly one of the most substantial and prominent coming from the cryptocurrency industry.
Other big name players, such as fellow cryptocurrency exchange FTX Trading Ltd, have also pursued opportunities to get their brand name out in lights. The firm had replaced American Airlines Group as the title sponsors for the home of the Miami Heats, as well as the football field used by the University of California at Berkeley’s ‘Cal Golden Bears’.
The ‘Staples’ name, which has been around since the arena opened in 1999, may be hard to let go for some, considering how nostalgic sporting grounds can be. With over four million visitors each year across 240 events including concerts, all-star games, and the Grammys, it’ll definitely be interesting to see if the venue’s new name catches on.
[via Bloomberg, cover image via Wellesenterprises | Dreamstime.com]
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