Crypto.com has entered into an agreement with entertainment venues operator Anschutz Entertainment Group (AEG) for the naming rights to its entire LA Live complex in Los Angeles, California, the companies jointly announced.
Brand sponsorship is worth a report of 700 million dollars over 20 years and covers the current Staples Center, as well as signage on AEG’s LA Live campus, including the Microsoft Theater and The Novo. Additionally, Crypto.com will become the official cryptocurrency exchange for the Los Angeles Kings of the National Hockey League (NHL) and the Los Angeles Lakers of the National Basketball Association (NBA).
CNBC reported that the deal was worth $ 700 million (£ 518.84 million). Staples office supply chain owns naming rights for Staples Center since the opening of the arena in 1999. The maximum capacity of the arena is approximately 21,000, although the number of seats varies depending on the event.
Takes effect on Christmas day
The Singapore-based cryptocurrency exchange will unveil its new brand logo on December 25 during a Lakers game against the Brooklyn Nets. Staples Center will be renamed Crypto.com Arena, with all external signage replaced by mid-2022, the released added.
“This partnership is about the future,” AEG CEO Dan Beckerman said in a statement announcing the partnership. “AEG and Crypto.com not only share a vision for innovation and the future of sports and entertainment, but we also have a common commitment to our communities where we work and live.“
“We are very excited to partner with AEG and invest for the long term in this city, starting with Crypto.com Arena in the heart of downtown and using our platform in new and creative ways. so that cryptocurrency can power the world-class future. sports, entertainment and technology for fans in Los Angeles and around the world, ”added Kris Marszalek, CEO of Crypto.com, in the same statement.
4 million annual visitors
Besides the Kings and Lakers, Staples Center is also home to the Los Angeles Clippers of the NBA and the Los Angeles Sparks of the Women’s Basketball Association (WNBA). The venue has also hosted the Recording Academy’s Grammy Awards for 19 of the past 21 years, as well as numerous NBA and NHL All-Star games, concerts, and boxing matches.
In total, the place hosts 240 events with more than four million participants on average per year.
The Clippers are expected to move to a new location, the Intuit Dome in Inglewood, Calif., Starting in the 2024-2025 NBA season.
Crypto.com brand wallet
Crypto.com’s portfolio of global brand partnerships includes the Ultimate Fighting Championship (UFC), F1 car racing, Ligue 1 Paris Saint-Germain FC, NBA Philadelphia 76ers and NHL Montreal Canadiens . Corporate branding agreements include the Italian Football League and Twitch Rivals.
Arash Markazi of MSG Network in New York reports that proceeds from the naming rights deal will, in part, fund a massive arena renovation. “Everything, from seats to concessions, will be changed”, Markazi tweeted Wednesday morning.
Read more: Intuit and LA Clippers sign 23-year naming rights deal
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