Thursday night marked the end of an era, and Saturday night will mark the beginning of a new one. Goodbye to the Staples Center and hello to Crypto.com Arena.

The Staples Center was home to the Lakers and Clippers from 1999-2021, but officially ended its run as the teams’ headquarters after Thursday’s game between the Lakers and Spurs. Starting on Christmas Day, the building in downtown Los Angeles will be known as Crypto.com Arena.

AEG, the arena’s owner and operator, announced the deal with Crypto.com last month and said in a statement that the deal “puts the Crypto.com brand at the center of some of the live sports and entertainment moments. larger and more important events that will take place over the next two decades. “

“This partnership represents the fastest growing cryptocurrency platform and the world’s largest live sports and entertainment company converging to drive the future of live sports and entertainment, as well as the incredible legacy of this field in the decades to come, “said AEG’s chief revenue officer. Todd Goldstein said. “It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more excited to have such a visionary partner as Crypto.com supporting our global fanbase and local community.”

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What is Crypto.com? And why did you buy the naming rights to the Staples Center?

Crypto.com is a platform that allows its users to buy and sell cryptocurrencies online. The site says it has more than 10 million users and 3,000 employees.

Company executives understand that Lakers and Clippers fans may be reluctant to use the new name, but they don’t seem to care much about the initial setback. They believe that acquiring the naming rights to the arena is an important part of Crypto.com’s overall strategy to increase brand awareness.

“He or she will call it whatever they want, and we’ll be okay with that,” Crypto.com chief marketing officer Steven Kalifowitz told The Athletic’s Bill Shea. “It’s part of a larger strategy to let people know who we are … I’m glad they say, ‘The company that took over Staples Center.’ Over time, it really comes down to business growth. “

How much did Crypto.com pay for naming rights?

Crypto.com is paying $ 700 million for the naming rights to the arena, according to various reports. CNBC’s Jabari Young reported in November that the new name will be added to the venue for the next 20 years.

“This partnership is about the future,” said AEG President and CEO Dan Beckerman. “AEG and Crypto.com not only share a vision for innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with Crypto.com to create meaningful initiatives for bring that vision to life for years to come. “

Lakers statement on Staples Center

Here is the full statement the Lakers released on December 23:

There are not many places that can make you feel how the Staples Center made you feel. It’s where the shots became big shots. It’s where a three mob landed in Los Angeles, where a scorers’ table was the perfect setting for a celebration. It’s where the streamers fall like rain and the staff knows your name. It’s where the coaches have risked it all. And it was worth it. It’s where players show fans that they can believe in something. And where the fans show the players that they believe in them. Staples Center, the place we’ve called home for 22 years. Home to what the Lakers have become, with 18,997 of you by our side. The name is changing, but this one is not. Because all of you have made this place our home, our home for two decades and for decades to come.

Photos for Crypto.com Arena