The Los Angeles Lakers are nearing a major change related to off-the-court business as after spending over 20 years at Staples Center, their home will soon be renamed to Crypto.com Arena.
In November, the Lakers announced a major naming rights deal with the cryptocurrency exchange platform, which is believed to be worth a record-breaking $700 million. Although the venue’s name will officially become “Crypto.com Arena” on Christmas Day, the transition reportedly wasn’t supposed to end before late 2022.
It was believed that some exterior signage could change sometime after the end of the 2021-22 season. However, Spectrum News 1 recently published a video showing construction works outside of Staples Center during which the signature red lettering was being removed from the building’s exterior:
The rebranding of Staples Center began early this morning as crews began removing the iconic red lettering from the building’s exterior in advance of it being renamed "https://t.co/OGZiUlqnfk Arena." A new logo and other branding assets are set to be unveiled on Christmas Day. pic.twitter.com/P3y4Y2EEg4
— Spectrum News 1 SoCal (@SpecNews1SoCal) December 6, 2021
“Staples” was supposed to feature in the sports complex’s name for as long as the arena existed in Downtown Los Angeles after the office supply manufacturer bought lifetime naming rights for the venue in 2009.
But in 2019, the arena’s owners — Anschutz Entertainment Group (AEG) — reportedly bought the rights back from Staples’ owner, Sycamore Partners, allowing the corporation to strike an agreement with Crypto.com this year.
Thanks to the major money boost provided by the deal, AEG is believed to be planning a major renovation of the complex. Meanwhile, Crypto.com said the partnership will bring about more long-term investments of the company in Los Angeles. The exchange has already become the official cryptocurrency platform partner of the Lakers and L.A. Kings as part of the deal with AEG.
Frank Vogel understands fans’ disappointment caused by Staples Center name change
Shortly after the deal’s announcement, Lakers head coach Frank Vogel said he sympathized with the franchise’s fans who aren’t looking forward to seeing Staples Center change its name in the coming weeks.
“It’s tough. Lakers fans, and really sports fans in general, obviously know that building as the Staples Center,” Vogel said of the iconic building in November.
“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 with arenas. It’s really out of our control.”
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