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The Staples Center in Los Angeles, one of the most popular sports and entertainment venues in the US, is being renamed Crypto.com Arena, the first name to change since the 20,000-seat facility opened its doors in 1999.
Singapore-based cryptocurrency platform has agreed to pay more than $ 700m for the so-called free downtown Los Angeles crisis for 20 years, according to experts. Renovations will take place on Christmas Day, with signs expected to change by June 2022.
In addition to finding the AEG whirlwind, the owner and operator of the platform, the alliance is one of the cryptocurrency marketing channels to date and comes at a time when digital currency is widely accepted among retailers.
The stadium is home to four professional athletes – the Lakers, Clippers and Sparks basketball, and the Kings of ice hockey – and is located near Madison Square Garden, New York, as one of the most recognizable locations in the US.
Kris Marszalek, chief executive of Crypto.com, said: “In a few years, people will look back on this day and think it’s a good thing, this is a time when crypto currencies have gone all over the world.”
Asked if the company was planning to use cryptocurrency to pay for AEG on nominal rights, Marszalek said: “No, we are not, with straightforward money.”
He added: “There may be an initial objection to the idea of [the name] change, I think that’s quite natural. But we are ready to work with the community and prove to them that this is a positive change and help build a better future for LA and fans ”.
As a commercial, the right to name the stadium has a mixed history in the US, with some urban sports and entertainment topics equating to the loss of money, confiscation or humiliation. Examples of so-called “the curse of the stadium”Including the former Enron Field in Houston and Sports Authority Field in Denver, which was named after the end of the game dealership.
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Staples, a Massachusetts-based office retailer who was secretly acquired by Sycamore Partners in 2017, has been a major supporter of the Los Angeles Arena since its opening. In 1999, the seller paid $ 120m for a free 20-year term. During the term of the agreement, Staples paid an undisclosed amount to keep the rights permanently.
AEG, which is also working with O2 Arena in London and Mercedes-Benz Arena, Berlin, has finally decided to buy Staples rights in early 2019, according to Todd Goldstein, a fundraiser.
He added that the name Staples has become obsolete and that AEG is looking for a new partner with “potential for the next generation of fans over the next two decades”.
When selecting a cryptocurrency sponsor “we think there is a future and we think there is a need for these companies”, he added.
Established in 2016, Crypto.com ranks among the ten largest exchanges in the world for cryptocurrency exchanges. His vote amounted to about $ 1.8bn in dollar terms over the most recent 24-hour period, compared to more than $ 40bn on major exchanges, Binance.
Game support has become a well-known tool for advertising crypto platforms. Italian Serie A clubs AC Milan and Lazio this year signed an agreement with crypto companies Bitmex and Binance, while Major League Baseball agreed to make FTX its official cryptocurrency exchange.
Crypto.com is sponsored by the Ultimate Fighting Championship, the Paris Saint-Germain football club, and the Philadelphia 76ers basketball team.
Additional reports are Eva Szalay in London
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