The Los Angeles’ Staples Center will be renamed the Crypto.com Arena on Christmas day. The cryptocurrency exchange will pay AEG, the arena’s owner and operator, $700 million over a 20-year term.
The venue hosts many types of events such as the 2020 Grammy’s and is home to several sports teams, including the NBA’s Los Angeles Lakers and LA Clippers, the NHL’s LA Kings and the WNBA’s Los Angeles Sparks.
“This partnership is about the future,” said Dan Beckerman, President and CEO of AEG. “AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live.”
In June, another cryptocurrency exchange FTX signed a 19 year $135 million deal for what was formerly the Miami Heart’s Arena.
Crypto.com has inked a raft of major sponsorship deals, but none quite as big as this one.
It partnered with the UFC fighting series in July for a ten-year deal worth $175 million. That followed a $100 million contract with Formula 1 motor racing to sponsor its Sprint Series for qualifying. It’s the official F1 cryptocurrency and NFT partner.
However, it doesn’t end there. Other sponsorships include the Aston Martin F1 team, Paris Saint Germain, Italy’s Series A football, NBA team the Philadelphia 76ers, the NFL Montreal Canadiens, Fnatics esports and others.
AEG also owns or operates other venues around the world, including London’s O2 Arena. It remains to be seen whether other deals might follow.
Cryptocurrencies, NFTs and fan tokens have been a boon for the sports sector, which has struggled during the pandemic. Sign up for our newsletter if you’d like to keep up to date with what’s happening in blockchain for sports.