REPORT: Lakers’ 700 Million Reason For Shocking Staples Center Name Change

Los Angeles Lakers fans watched their favorite team win games at the Staples Center and now they have to get used to the big name change. This was a rather unexpected change, mostly if you take into consideration that Staples Center is a big name in the basketball world.

Anschutz Entertainment Group sold the naming rights to the home arena of the Lakers to Crypto.com. It’s a $700 million deal and the decision was confirmed Tuesday night. Staples Center is the home court to the Lakers, Clippers, and National Hockey League’s Kings team.

We don’t have much information on the terms of the agreement. However, we do know that both sides agreed to a 20-year deal worth $700 million.

Crypto-com is paying a record $700M (!!!) to secure a 20-year naming deal for Staples Center. (via @axios)

— Legion Hoops (@LegionHoops) November 17, 2021

Players to win games at Staples Center following the big name change

As you all know, this will be one of the richest naming rights deals in the history of sports. In September, the Clippers agreed to a $500 million deal with financial management tech company Intuit. In 2016, Chase Bank agreed to a 20-year deal with the Golden State Warriors. It’s worth about $300 million. In other words, Staples Center owner had 700 million reasons to sell the naming rights to Crypto.com.

The name change will take effect in December. Get ready for the big surprise… It’s taking effect on Christmas Day as LeBron James and his teammates are challenging the Brooklyn Nets.

AEG president and CEO Dan Beckerman said this deal “is about the future.” Both sides share the same vision about innovation. They are committed to the community and this deal will benefit both parties. Beckerman looks forward to partnering with Crypto.com and turn their visions into reality.

In 1999, Staples paid $116 million for the naming rights. It was a 20-year deal but the parties extended the deal in 2009.

The Los Angeles Lakers have won 17 titles and have LeBron leading the roster. Forbes estimated that the franchise is worth $5.5 billion which makes it the third-highest in the league behind Stephen Curry’s Golden State Warriors and New York Knicks.