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Staples Center in Los Angeles getting new name in $700M deal: reports
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The Staples Center in Los Angeles, home to two NBA teams and one NHL team since 1999, and the site for concerts by music's biggest stars, will undergo a name change on Christmas Day, according to reports.
The sports and entertainment arena in downtown L.A. that is home to the Los Angeles Lakers, Clippers and Kings – as well as the WNBA’s Los Angeles Sparks since 2001 — will soon be called the Crypto.com Arena, named for the Singapore-based operator of a cryptocurrency app.
Crypto.com – which has recently been running a television commercial featuring actor Matt Damon – acquired the naming rights to the arena from its owner, entertainment company AEG, for more than $700 million, the Los Angeles Times reported.
The deal is considered one of the biggest naming-rights deals in sports history, the report said.