The Lakers’ and Clippers’ home arena gets a new name.

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The Lakers’ and Clippers’ home arena gets a new name.

The Los Angeles Lakers and Los Angeles Clippers’ home is changing its name.

AEG, the arena’s owner, announced on Tuesday night that the Staples Center will be renamed Crypto.com Arena beginning on Christmas Day.

According to ESPN, Crypto.com is paying (dollar)700 million over 20 years to rename the building. It is the largest naming rights deal in sports history.

In a press release, Crypto.com Co-Founder and CEO Kris Marszalek said, “Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment.”

“We’re very excited to partner with AEG and invest long-term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world-class sports, entertainment, and technology for fans in LA and around the world,” says the company.

Since its inception in 1999, the Staples Center has been home to the NHL’s Los Angeles Kings and the WNBA’s Los Angeles Sparks.

Under a 20-year agreement, the office-supplies retailer (Staples) owns the naming rights to the 20,000-seat arena.

“This partnership represents the world’s fastest-growing cryptocurrency platform joining forces with the world’s largest sports and live entertainment company to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” said Todd Goldstein, AEG’s Chief Revenue Officer.

Crypto.com is a cryptocurrency exchange and platform that was founded in 2016.

Crypto has signed sponsorship deals with the UFC, Formula One, Italy’s Serie A, Paris St-Germain, and the NHL’s Montreal Canadiens in the last year.

When the Lakers play the Brooklyn Nets in the NBA’s annual Christmas showcase, the name will be changed.

The Clippers will not be playing in this arena for long, as they will move to a new 18,000-seat arena in Inglewood, California in 2024.

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Arena Home for Lakers and Clippers Gets New Name

Arena Home for Lakers and Clippers Gets New Name

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