Why is Staples Center being renamed?

In November, AEG, the owner of the iconic downtown LA venue previously called Staples Center, announced that its building would be changing its name. It revealed that it would be called Crypto.com Arena starting on Christmas Day. Like everything else in the world, the change has to do with money.

What happened to the Staples Center?

The Staples Center was the home of the Lakers and Clippers from 1999-2021, but it officially ended its run as the teams' home venue after Thursday's game between the Lakers and Spurs. Starting on Christmas Day, the building in downtown Los Angeles will be known as Crypto.com Arena.

Is Staples Center going to be renamed?

LOS ANGELES — Staples Center is getting a new name. Starting Christmas Day, it will be Crypto.com Arena. The downtown Los Angeles home of the NBA's Lakers and Clippers, the NHL's Kings and the WNBA's Sparks will change its name after 22 years of operation, arena owner AEG announced Tuesday night.

Why did Staples Center change their logo?

NewsChopper4 Alpha captures crews removing the iconic Staples Center lettering and logos from the outside of the stadium, to make way for its new identity as the Crypto.com Arena. The new name and logos are part of a 20-year naming rights agreement between the cryptocurrency platform and stadium owner AEG.

Is the Staples Center getting demolished?

Staples Center will be renamed Crypto.com Arena

The arena currently houses the Los Angeles Lakers, Clippers, Kings and Sparks. The name change is set to officially take place when the Lakers host the Brooklyn Nets in the NBA's annual Christmas Day basketball game.

Staples Center To Be Renamed Crypto.com Arena In New $700M Naming Rights Deal

What was Staples Center called before 1999?

This was a big shock to fans who have known the Lakers home arena as STAPLES Center, which has been the venue's name since 1999. The STAPLES Center opened in 1999 after the Lakers moved from The Forum, which was the team's previous home.

What is Staples called now?

It is now branded as Staples Industrial.

How much do the Lakers pay to play at the Staples Center?

For example, the Lakers don't pay rent at Staples Center, but pay an undisclosed percentage of their games' ticket sales to the arena, according to one source familiar with the arrangement who was not authorized to comment publicly to the Times.

Why did the Lakers move to LA?

After considering moves to Chicago and San Francisco, he decided to move the franchise to Los Angeles prior to the 1961 season, making the Lakers the NBA's first West Coast team. The Lakers did not change their name after this second move, despite the general scarcity of natural lakes in southern California.

Are the Lakers leaving Staples Center?

Lakers end Staples Center era with ugly loss to Spurs - Los Angeles Times.

Who bought Staples Center?

Key Background. Crypto.com, a Singapore-based cryptocurrency exchange, purchased the naming rights to the arena from its owner Anschutz Entertainment Group (AEG), which owns eight other sports arenas around the world.

When did staple Center change name?

The arena opened in 1999 and has only had the one name -- until now. The name change is not happening overnight and involves a lot of work on the arena. The process began on Monday when the Staples logo started being removed from the exterior of the building, according to CBS Los Angeles.

Can you rent the Staples Center?

So how much did renting out the Staples Center cost Kardashian? The source says she was able to rent out the space for a whopping $110,000. Kardashian's sister Khloe Kardashian took to Instagram to share a pic of West's special celebration.

Will the Lakers build a new arena?

A groundbreaking ceremony was held on September 17, 2021. Ballmer described a goal for the new arena to be a "basketball palazzo". A 23-year naming rights deal was announced with financial software company Intuit, naming the arena Intuit Dome. The arena is expected to be completed in 2024.

Do Lakers and Clippers share the same locker room?

LeBron James' locker occupies the same location Kobe Bryant's did during the five-time NBA champion's time as a Laker. The lockers for Kawhi Leonard and Paul George are next to each other in the center of the Clippers' locker room. Patrick Beverley and Lou Williams occupy the locker stalls on each end.

When did Clippers move to LA?

The Clippers under Sterling's ownership were often cited as the worst franchise in North American professional team sports, with just two winning seasons in the 27 years after moving to Los Angeles in 1984.

Do Lakers own Staples Center?

The deal, announced Tuesday night, links Crypto.com with Anschutz Entertainment Group, which owns the Staples Center and surrounding complex, L.A. Live. The downtown arena is the home court to the Lakers, Clippers and National Hockey League's Kings franchise.

Who changed the name of the Staples Center?

LOS ANGELES (KABC) -- Although not everyone might approve of the impending Staples Center name change, Lakers legend Shaquille O'Neal says he's glad they're changing the name. The downtown Los Angeles arena will officially become Crypto.com Arena starting Christmas Day as part of a $700 million naming rights deal.

Who owns naming rights to Staples Center?

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

How much did crypto pay for naming rights to Staples Center?

The venue will be renamed Crypto.com Arena on Dec. 25. The deal cost about $700 million, said two people with knowledge of the details, one of the largest sums ever paid for a sporting venue's naming rights.

Does Staples make money from Staples Center?

They do profit from season ticket sales and a portion of the suites and premium tickets. They can also sell advertising around the court. Beyond money, the painful experience of leaving the iconic Forum came into play while weighing staying at Staples. “That was emotionally difficult for the fans,” Harris said.

Why does LA have 2 NBA teams?

Until 1960, the city didn't have a team. They only became a two-team city in 1984 when the Clips moved up the road from San Diego—in large part because Sterling grew up in LA. Sterling was a polarizing figure who has had articles and books written about his time running the team (poorly, I might add).

Why are the Clippers in Los Angeles?

In 1984, Sterling, despite again being denied permission from the NBA to do so, moved the Clippers north to Los Angeles. The NBA subsequently fined Sterling $25 million for violating league rules and filed a lawsuit demanding the franchise be returned to San Diego.