1:45 AM
The center is getting a new name. The arena will be called the Crypto.com Arena.
The home of the NBA's Lakers and Clippers, the NHL's Kings, and the WNBA's Sparks will change its name after 22 years of operation, arena owner AEG announced Tuesday night.
The building is being paid $700 million over the course of 20 years, according to multiple reports. The parties aren't publicly announcing the financial terms of what is believed to be the richest naming rights deal in sports history.
The American office-supplies retail company has the naming rights to the 20,000 seat arena, which has been called the "Staples Center" since it opened in 1999. The Lakers will change their name when they host the Nets in the NBA's annual Christmas showcase.
The platform and exchange is based in Singapore. Over the past year, the company has been spending a lot on sports. Formula One, the UFC, Italy's Serie A, Paris St-Germain and the NHL's Montreal Canadiens are just a few of the high-visibility sponsorship deals the platform has signed.
The arena built by the sports and entertainment conglomerate that has majority ownership of the Kings and the Lakers became a famous setting for major events in the United States' second-largest metropolitan area.
Along with its sports tenants, the arena has hosted many high-profile concerts, performances and important public events.
The Lakers have won six NBA titles in their time in the arena, including three straight in the first three years. The most distinctive interior feature of the building is the banners on the walls above the playing floor.
The Los Angeles Kings won their first two Stanley Cup titles at the home of the Los Angeles Clippers, and the Los Angeles Lakers won three NBA titles there.
The Clippers will play at the arena for a short time. When their lease at the Staples Center ends in 2024, they will open a 18,000-seat dome in neighboring Inglewood owned by Steve Ballmer. The Clippers were the first to react to the name change after they hosted the Spurs.
"It's like stripping the history here by calling it something else," said Paul George, who grew up in Palmdale, outside of Los Angeles.
Reggie Jackson had a hard time with the name change.
Growing up, Kobe and I watched the Lakers win the titles. O'Neal is referred to as [Squash]. It's too many memories. He said it would be hard to not call it that.
The AP and Youngmisuk contributed to the report.
