Crypto.com is paying $700 million, according to multiple reports, over 20 years to rename the building.
The 20,000-seat arena has been 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 platform has inked high-visibility sponsorship deals with Formula One, the UFC, Italy’s Serie A, Paris St-Germain and the NHL’s Montreal Canadiens, while also purchasing the Philadelphia 76ers’ uniform sponsorship patch.
The Lakers have won six NBA championships during their tenure in the cavernous arena, including three straight in its first three years of operation.
They’re scheduled to open owner Steve Ballmer’s $1.2 billion, 18,000-seat Intuit Dome in neighboring Inglewood in 2024 when their Staples Center lease expires.