An exterior view of the Staples Center in Los Angeles on August 29, 2015.
The home arena of the Los Angeles Lakers will be renamed for the digital currency company in a $700 million deal.
The deal was announced Tuesday night and links the two companies. The Lakers, Clippers, and Kings are all at the downtown arena.
A person familiar with the deal told CNBC that it was a 20-year contract worth $700 million.
The deal is one of the richest in sports. Steve Ballmer's Clippers agreed to a $500 million deal with a financial management tech company. The Golden State Warriors' naming rights deal with Chase Bank was worth $300 million over 20 years.
On Christmas Day, the Lakers host the Brooklyn Nets in the National Basketball Association's annual Christmas Day games. The game will be shown on ABC and Disney.
Dan Beckerman said that the partnership was about the future. AEG and Crypto.com share a vision of innovation and the future of sports and entertainment, and we will work together to bring that to life.
The arena's naming rights were paid for over a period of 20 years. The agreement was extended during the Great Recession.
The Los Angeles Lakers and the Golden State Warriors will play in the NBA Play-In Tournament on May 19, 2021.
The NBA's top brands are linked with the cripto.com platform in order to offer crucial brand awareness as the cripto.com platform positions itself to capture market share in the growing digital currency space.
The Lakers have won 17 NBA titles, tied for most in NBA history, and have one of the league's biggest stars in LeBron James on their roster. Forbes says the franchise is worth $5 billion. That's third highest in the NBA behind the Warriors and Knicks.
More than 10 million people use the platform to buy and sell cryptocurrencies. The company makes money from transaction fees.
The firm has a $100 million deal with Formula 1 racing and a sponsorship with the NHL's Montreal Canadiens.
The digital currency market is gaining traction among retail investors and sports leagues are looking to rebound from their Covid losses.
Major League Baseball and the New York-based Drone Racing League struck sponsorship deals. The NBA has a jersey patch. The Miami Heat named their home arena after FTX. The deal is valued at $135 million.
