Crypto.com buys naming rights at Staples Center in Los Angeles
Cryptocurrency trading site Crypto.com reportedly paid $ 700 million in 20-year deal to hang its name on Los Angeles’ main indoor gym and concert hall, currently called Staples Center . The new name is set to debut on Christmas Day 2021, when the arena’s main tenant, the Los Angeles Lakers of the National Basketball Association (NBA), will play in a nationally televised game against the Brooklyn Nets. .
The Staples Center also hosts the home games of the Los Angeles Clippers of the NBA and the Los Angeles Kings of the National Hockey League (NHL). Crypto.com aims to dramatically increase brand awareness by linking its name to a leading major league sports site whose main tenant, the Lakers, is also among the top brands in the NBA.
Key points to remember
- Cryptocurrency trading site Crypto.com has purchased the naming rights for Staples Center in Los Angeles.
- The new name will be revealed during a nationally televised NBA game on Christmas Day 2021.
- Crypto.com associates its name with one of the NBA’s most valuable team brands, the Los Angeles Lakers.
Links with other valuable brands
The Lakers were valued by Forbes at $ 5.5 billion, making them the third most valued brand in the NBA, behind the New York Knicks and Golden State Warriors. The Kings, meanwhile, were valued by Forbes at $ 825 million, which places them sixth in the NHL.
Worth $ 700 million over 20 years, the Crypto.com deal is also proof of the explosive growth in the cost of securing naming rights in big league arenas and stadiums in big leagues. cities. In 1999, the Staples office supply chain paid $ 116 million as part of a 20-year deal to hang its name on the same arena, a deal that was extended in 2009.
Additionally, Crypto.com paid $ 100 million to have its name associated with Formula 1 auto racing. Crypto.com has also entered into a sponsorship deal with the Montreal Canadiens NHL that includes the display of its logo prominently in the center of the rink of their arena, the Bell Center. Forbes values the Canadians at $ 1.34 billion, which puts them third in the NHL, after the New York Rangers and Toronto Maple Leafs.