In what is arguably one of the most costly renaming transactions in history, the famous Staples Center in downtown Los Angeles will soon be renamed Crypto.com Arena.
The name change was revealed in a press release on Tuesday by Crypto.com, a Singapore-based cryptocurrency platform, and AEG, the arena’s owner and operator.
According to the Los Angeles Times, the cryptocurrency corporation spent upwards of $700 million for the 20-year naming rights deal.
The agreement is one of the largest of its kind, though the naming rights to the Toronto facility where the Maple Leafs and Raptors play cost Scotiabank $800 million in 2017, according to CBC.
On Christmas Day, the Staples Center, which is home to four professional sports teams, including the Los Angeles Lakers, will be renamed.
On that day, when the Lakers take on the Brooklyn Nets, the new logo and arena signage will be introduced.
By June of next year, all outdoor signage is expected to be renamed.
