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Deal with cryptocurrency platform reportedly worth $700m and sets up first name change in AEG venue's 22-year history
By James Hanley on 17 Nov 2021
AEG’s Staples Center in Los Angeles is to be renamed the Crypto.com Arena as part of a new 20-year naming rights deal.
The deal with the Singapore-based cryptocurrency platform, reportedly worth US$700 million (€618m), according to the FT, was brokered by AEG Global Partnerships and comes into effect from 25 December, with all of the 20,000-cap venue’s external signage to be replaced by June 2022.
“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” says Todd Goldstein, chief revenue officer of AEG.
“It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community.”
As exclusive naming rights partner, Crypto.com plans to engage fans through premium branded areas of the arena including a 3,300 sq. ft activation space at the building’s entrance, as well as dedicated activation areas on the main concourse and throughout the adjacent LA Live campus.
The new relationship, which will result in the first name change in the venue’s 22-year history, will also see Crypto.com featured prominently across the venue with large-scale, premium branding and signage throughout the interior and exterior.
This partnership is about the future
“This partnership is about the future,” adds Dan Beckerman, AEG president and CEO. “AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come.”
Crypto.com has committed to becoming carbon negative by the end of 2022 by offsetting more carbon than is generated by all activities across the organisation. Earlier this year, the company became the first crypto platform to partner with an F1 team (Aston Martin), the first to partner with an NHL team (Montreal Canadiens), and the first to partner with a professional sports league (Lega Serie A).
Opening its doors in 1999, the downtown Los Angeles arena is home to the NBA’s LA Lakers and LA Clippers and the NHL’s LA Kings and LA Sparks and hosts over 240 major high-profile events a year, including 19 of the last 21 Grammy Awards shows. Upcoming concerts include Enrique Iglesias & Ricky Martin, Bad Bunny, Justin Bieber, Imagine Dragons and the Bud Light Super Bowl Music Fest series.
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