The crypto world will never stop surprising us. It is taking the real world right at the core. In the most recent crypto news, Los Angeles is renaming its Staples Center to Crypto.com Arena in the biggest financial deal ever. AEG and Crypto.com are partnering in a $700 million deal to rename Staples Center to Crypto.com Arena.
Starting this Christmas, 25 December, the Staples Center will be known as “Crypto.com Arena”. The Staples Center is home to some of the biggest entertainment and sporting events including; WrestleMania 21 and the Grammys. What better way to advertise the site and cryptocurrencies as a whole?
Downtown Los Angeles is home to NBA Clippers and Lakers, NHL Kings and the WNBA Sparks. This is the same location as the Staples Center, an optimal location to advertise Cryptocurrencies.
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Renaming the centre will spark curiosity as to what crypto.com is, hence increasing cryptocurrency awareness. Staples Center, which has been in operation for 22 years, made this announcement yesterday night, 16 November.
Largest $700 Million Deal in Sports History
Crypto.com is paying Staples Center 700 million US Dollars for the deal. This is among the largest deals in history. However, these are simply speculations because both parties are not fully open about the financial details in the contract. The deal is also the richest in sports history.
According to multiple reports, Crypto.com has been paying $700 million over 20 years to rename the building. The parties aren’t publicly announcing the financial terms of what’s believed to be the richest naming rights deal in sports history.
Staples Center has been the name of the arena since its opening. The arena contains 20,000 seats and has been functional since 1999. During Christmas, the name is set to change when the Lakers host the Brooklyn Nets in the annual NBA Christmas showcase.
AEG and Crypto.com
Crypto.com is among the fastest-growing globally. AEG is the world’s leading live entertainment and sports company. The two companies have secured a 220-year naming rights agreement to rename the AEG-owned famous arena to a more prolific name. In the agreement, Crypto.com also partners with the LA Kings and the Los Angeles Lakers.
Crypto.com has been of great support towards sports since its launch in 2016. The cryptocurrency platform has secured and sponsored high-cost sponsorship deals with UFC, NHL’s Montreal Canadiens, Formula One, Paris St-Germain, and Italy’s Serie A. It also purchased Philadelphia’s 76ers’ uniform sponsorship patch.
AEG and Crypto.com are not only looking to serve personal but also community interests. Both companies are committed to ensuring community engagement and sustainability. AEG was among the first companies to embrace the greenhouse reduction goal, and Crypto.com targets being carbon-free by the end of 2022. Therefore, the partnership will also help the community and environment as a whole.
Benefits Of The Partnership
Los Angeles is the most Creative Capital in the world. Therefore it will help push boundaries in innovation, culture and entertainment, which will be infused into the crypto space. Therefore, here are some benefits of the partnership:
- The investment is long-term
- It will become a global symbol of excellence that further revitalizes and refines downtown LA
- Promote sports and cryptocurrencies at the same time, possibly making LA a very rich state in future
The Future is Crypto
Nick Baker and Russell Silvers of AEG sealed the deal with Steven Kalifowitz and Gilad Rodkin of Crypto.com. Both sides acknowledge that the process moved quickly to a close due to a mutual understanding’s businesses and a shared desire to collaborate and create something truly unique for the future of Los Angeles and fans around the world. Crypto.com. The arena will transform the crypto space.