The Staples Center is over.

It is the law of the market, of calls for tenders and of naming.

Staples was a brand, it will be replaced by another.

The emblematic venue of the Los Angeles Lakers, will therefore be renamed Crypto.com Arena, the eponymous cryptocurrency platform and the owner of the premises AEG announced on Tuesday, which reached an agreement for a record amount estimated at 700 million dollars.

The contract slams, the name less.

“Crypto.com, the world's fastest growing cryptocurrency platform, and AEG (Anschutz Entertainment Group), the world's leading sports and live entertainment company, have reached a landmark 20-year agreement for the rights to 'Staples Center name, which effective December 25 will be known as Crypto.com Arena,' the joint statement read.

The Lakers' Staples Center will be renamed https://t.co/PNYetylpL1 Arena on December 25.

😮😮 pic.twitter.com/oSp0oHCcwy

- First Team (@ FirstTeam101) November 17, 2021

The Downtown LA hall, with a capacity of 20,000 seats, has hosted home games since its opening in 1999 for the Lakers, Clippers, who also play in the NBA, the Kings, engaged in NHL (ice hockey), and Sparks who play in WNBA (women's basketball).

Concerts by major artists take place there, as well as prestigious annual events such as the Grammy Awards.

Real money transaction

This agreement was concluded for an amount of 700 million dollars (619 million EUR), reports the Financial Times, specifying that the transaction will be made in real money and not in cryptocurrency.

Which would be a record for this type of partnership.

22 years ago, the office automation firm Staples paid $ 120 million to put its name on the front of the room.

Crypto.com, also linked to Paris Saint-Germain, the Philadelphia 76ers and the Ultimate Fighting Championship, the main professional mixed martial arts (MMA) league, is a Singapore-based company dedicated to promoting the 'use of cryptocurrencies such as bitcoin on a large scale.

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