The Staples Center, home to the LA Lakers and Clippers, is being renamed to Crypto.com.  The arena’s owner AEG struck a deal with Denver billionaire Phil Anschutz, the press release read.

The 20-year agreement includes making Crypto.com an “official cryptocurrency platform partner” for the Los Angeles Lakers and Los Angeles Kings. 

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A person with knowledge of the deal told The Associated Press that Crypto.com is paying $700 million over 20 years to rename the building. The person spoke on condition of anonymity because the parties aren’t publicly announcing the terms of what’s believed to be the richest naming rights deal in sports history.

The news, of Staples Center being renamed, is expected but massive regardless. Staples is a dying business, a reminder of the brick and mortar age while crypto.com represents the burgeoning cryptocurrency based marketplace economy. 

Since late 2017, Staples is no longer a public company. It was acquired by private equity firm Sycamore Partners for $6.9 billion – a deal that dramatically restructured the struggling office supply retailer.

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Crypto.com is a cryptocurrency platform and exchange headquartered in Singapore. Founded in 2016, Crypto.com has been on a spending spree across the global sports landscape over the past year. The platform has inked high-visibility sponsorship deals with Formula One, the UFC, Italy’s Serie A, Paris St-Germain and the NHL’s Montreal Canadiens — while also purchasing the Philadelphia 76ers’ uniform sponsorship patch.

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.

The 20,000-seat arena has been the 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.

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AEG, the sports and entertainment conglomerate that has majority ownership of the Kings and had a stake in the Lakers until last summer, built the arena that quickly became a famous setting for major events in the U.S.’ second-largest metropolitan area.

The Clippers will be short-timers at Crypto.com Arena. They’re scheduled to open owner Steve Ballmer’s $1 billion, 18,000-seat Intuit Dome in Inglewood in 2024 when their Staples Center lease expires. The Sparks also could leave downtown then, although nothing has been decided.

With inputs from Associated Press