Crypto Exchange Will Pay $700 Million to Rename the Staples Center Stadium

In the next 20 years, the stadium should be called Arena.

The iconic Staples Center arena in Los Angeles is at the center of the biggest naming deal in sports history. Cryptocurrency exchange will pay AEG Corporation to rename the stadium, where the most popular NBA club Los Angeles Lakers plays, for 20 years, writes Kommersant. If you are interested in finding out more about the crypto, check out – bitsoft360 ai.

The buyer of the naming rights, already a partner of the UFC, the main promotion in mixed martial arts, and “Formula-1”, with this deal will continue an active invasion of the sports market.

Staples Center will change its name to Arena at the end of the year, AEG Corporation, which owns the stadium, announced.

This news itself became one of the main ones in the USA. The fact is that it is a very well-known brand. Put into operation in 1999, the Staples Center with a capacity of about 20,000 spectators is the home arena for two NBA clubs – the Los Angeles Lakers and the Los Angeles Clippers. Top boxing matches and Grammy award ceremonies are also held here.

The cryptocurrency exchange will pay $700 million for the right to use its name instead of the usual one for 20 years, read more:

Thus, we are talking about an agreement related to the naming of the stadium.

The practice of selling arena titles is becoming increasingly popular. It is most actively used in the USA, and more precisely, in professional American leagues. Until now, the most expensive among such agreements was concluded in 2011 regarding the home stadium of the famous American football teams – “New York Giants” and “New York Jets”. It has since been MetLife Stadium. The insurance holding Metropolitan Life Insurance paid $400 million for its naming over a 25-year period.

The agreement with Staples Center shows that companies related to cryptocurrency have recently been paying attention to the sports market.