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US$700m dunked into the Crypto.com Arena

The famous Staples Center, one of the great venues in US basketball, is to get the new title of the Crypto.com Arena in what is said to be the richest naming rights deal in sports history.

The downtown Los Angeles home of the NBA’s Lakers and Clippers, the NHL’s Kings and the WNBA’s Sparks is to change its name after 22 years of operation, the arena owner AEG has announced.

A person with knowledge of the deal told the Associated Press that Crypto.com was paying US$700 million ($960 million) over 20 years to rename the building.

The 20,000-seat arena has been the Staples Center since it opened in October 1999, with the naming rights owned by the American office-supplies retail company under a 20-year agreement.

The name will change when the Lakers host the Brooklyn Nets in the NBA’s annual Christmas showcase.

Crypto.com is a cryptocurrency platform and exchange headquartered in Singapore.

The five-year-old organisation has been on a spending spree across the global sports landscape over the past year, inking in high-visibility sponsorship deals with Formula One, the UFC, Italy’s Serie A, Paris St Germain and the NHL’s Montreal Canadiens.

It also purchased the Philadelphia 76ers’ uniform sponsorship patch.

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