Staples Center Set to be Renamed to the Crypto.com Arena
There are few arenas as famous in the world as the Staples Center.
It is the home of the Los Angeles Lakers, Los Angeles Clippers, and Los Angeles Kings. It has seen numerous championships hoisted, hosted over a dozen Grammy Awards, and has held All-Star Games and a number of popular concerts.
Now, the Staples Center will be undergoing a name change.
On Wednesday, it was announced that the arena will be renamed to the Crypto.com Arena in a $700 million naming rights deal. The deal will last for 20 years. The 20,000 seat venue has been open since October of 1999 and has initially been named by the American office-supplies retail company under its previous 20-year agreement.
“Yeah, it’s tough, you know what I mean? Lakers fans and really sports fans in general obviously know that building as the Staples Center,” Lakers coach Frank Vogel said Wednesday. “I understand the disappointment the fans will have. But that’s just the way of the world. This is the business we’re in. Almost universally around the country, there’s a business element to naming rights for the arenas. It’s really out of our control.”
Lakers point guard Russell Westbrook also spoke out on the building’s name change.
“So many great things have happened in that building,” he said. “Regardless of the name, the building is still the building, and that’s what’s most important and that’s all you can think about.”
It will surely take some time to process and while many may always refer to it as the Staples Center, business is business at the end of the day.
“[The Lakers] have their history here, Kobe, especially my era, growing up, watching those championships. Shaq [O’Neal]. Nah, it’s too many memories. It’s gonna be hard to not call it Staples,” Los Angeles Clippers guard Reggie Jackson said.
The contract is believed to be the richest naming rights deal in sports history.