Filed Under: Business

Staples Center name change to Crypto.com Arena draws pushback

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Anschutz Entertainment Group (AEG) announced Tuesday the name of the iconic Staples Center in downtown Los Angeles will soon change to Crypto.com Arena. According to a news release on the Staples Center website, the name change is part of an “historic, 20-year naming rights agreement” costing $700 million. AEG and Crypto.com will unveil the venue’s new logo and branding on Christmas Day. All of the venue’s external signage will be replaced by next June.

“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” AEG Chief Revenue Officer Todd Goldstein said in the news release. “It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community.”

According to the release on the Staples Center name change, Crypto.com serves over 10 million customers. The company, based in Singapore, recently partnered with actor Matt Damon on a global campaign to introduce the platform.

“We’re very excited about partnering with AEG and investing long term in this city… and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology,” Crypto.com Co-Founder and CEO Kris Marszalek said in the news release.

The Staples Center name change wasn’t well received by everyone. Many drew comparisons to the Sears Tower in Chicago changing its name to the Willis Tower.

Vanessa Bryant, widow of Los Angeles Lakers legend Kobe Bryant, said the Staples Center will be “forever known as ‘The House that Kobe Built'” on her Instagram story. Kobe died early last year in a helicopter crash.

Simone Del Rosario: EVER WONDER HOW A STORE LIKE STAPLES STAYS IN BUSINESS? HERE’S ONE MORE SIGN BRICK AND MORTAR JUST ISN’T WHAT IT USED TO BE.

LITERALLY. THE *SIGN* ON STAPLES CENTER IS CHANGING. 

CRYPTO DOT COM ARENA WILL BE THE NEW NAME COME CHRISTMAS.

Narrator: “Fortune favors the brave.”

Simone Del Rosario: I’D NEVER HEARD OF CRYPTO.COM BEFORE TODAY EITHER – BUT APPARENTLY THEY HAVE MATT DAMON ON THEIR SIDE.

REPORTS SAY THE SINGAPORE CRYPTOCURRENCY EXCHANGE PAID OVER 700 MILLION DOLLARS FOR THE NAMING RIGHTS FOR THE NEXT 20 YEARS TO THE HOME OF THE L-A LAKERS, CLIPPERS, KINGS AND SPARKS. 

BOTH SIDES OF THE DEAL SAY THIS PARTNERSHIP IS ABOUT THE FUTURE, BUT DON’T EXPECT EVERYONE TO GET ON BOARD RIGHT AWAY.

SPORTS ILLUSTRATED WRITER CHRIS HERRING TWEETED: THIS STADIUM EQUALS LA’S VERSION OF THE SEARS TOWER IN CHICAGO. IN OTHER WORDS, “Y’ALL CAN CHANGE THE NAME TO WHATEVER YOU WANT, BUT I’M STILL CALLING IT BY ITS ORIGINAL NAME; THANKS.

SEARS TOWER WAS EVEN TRENDING AS OTHERS MADE THE SAME COMPARISON. SEARS TOWER – BY THE WAY – WAS RENAMED WILLIS TOWER OVER A DECADE AGO BUT HARDLY ANYONE CALLS IT THAT.

WILL THE ICONIC HOME OF KOBE AND SHAQ SHARE THE SAME FATE… OR WILL CRYPTO.COM BE THE NEW NAME OF THE GAME? I GUESS TIME WILL TELL. BUT I BET THAT WEBSITE GOT A LOT OF HITS TODAY.

I’M SIMONE DEL ROSARIO FROM NEW YORK IT’S JUST BUSINESS

Anschutz Entertainment Group (AEG) announced Tuesday the name of the iconic Staples Center in downtown Los Angeles will soon change to Crypto.com Arena. According to a news release on the Staples Center website, the name change is part of an “historic, 20-year naming rights agreement” costing $700 million. AEG and Crypto.com will unveil the venue’s new logo and branding on Christmas Day. All of the venue’s external signage will be replaced by next June.

“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” AEG Chief Revenue Officer Todd Goldstein said in the news release. “It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community.”

According to the release on the Staples Center name change, Crypto.com serves over 10 million customers. The company, based in Singapore, recently partnered with actor Matt Damon on a global campaign to introduce the platform.

“We’re very excited about partnering with AEG and investing long term in this city… and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology,” Crypto.com Co-Founder and CEO Kris Marszalek said in the news release.

The Staples Center name change wasn’t well received by everyone. Many drew comparisons to the Sears Tower in Chicago changing its name to the Willis Tower.

Vanessa Bryant, widow of Los Angeles Lakers legend Kobe Bryant, said the Staples Center will be “forever known as ‘The House that Kobe Built'” on her Instagram story. Kobe died early last year in a helicopter crash.

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