COMEBACK? Fans believe Staples Center is back after reports that Crypto.com is shutting down its institutional exchange in the United States
Crypto. com arena to revert back to Staples Center this August, per preliminary reports.
The Los Angeles Lakers plan to restore their partnership with Staples. The Lakers and the Clippers have shared an arena since they set up shop in what was originally known as the Staples Center when the venue opened for business in downtown Los Angeles in 1999.
When you consider that building is commonly referred to as “The House That Kobe Built,” it has been primarily associated with the purple and gold team that calls it home (the Clippers are slated to relocate to a state-of-the-art facility near SoFi Stadium in 2024).
Now, most sports fans don’t have an overwhelming emotional attachment to the corporations that shell out tens of millions of dollars to secure the naming rights to stadiums and arenas. However, many people were less than thrilled to discover the venue (which is also the home of the NHL’s Kings and WNBA’s Sparks) would be rechristened as “Crypto.com Arena” after the company best known for its cringe-inducing ad featuring Matt Damon replaced Staples as the official naming partner in 2021.
Crypto.com reportedly agreed to shell out $700 million that was supposed to be paid out over the course of 20 years. However, it doesn’t seem like it’s going to fulfill its end of the deal when everything is said and done thanks to some news that surfaced on Friday.
However, ESPN, quoting sources, reported that the winding of business would not affect the naming rights deal for Crypto.com Arena. The NBA court is home to the Los Angeles Lakers, LA Clippers, the NHL’s Los Angeles Kings and the WNBA’s Los Angeles Sparks. Reports on Friday said that Crypto.com is winding down its institutional exchange in the United States, which affects approximately 400 customers. The retail application has more than 80 million users worldwide. The LA arena was known as Staples Center since its opening in October 1999. However, a reported $700 million naming deal last year had the name of the court changed to Crypto.com arena. Anschutz Entertainment Group (AEG) chairman Philip Anschutz sold his 27% stake in the Lakers to Los Angeles Dodgers co-owners Mark Walter and Todd Boehly in July 2021 for more than $1 billion.
“Lakers meeting with Staples to try and bring back Staples Center,” a Twitter user reacted to Crypto.com’s announcement.
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