The Clippers are moving to the Intuit Dome in three years, but before then, they’ll be playing in another new arena — or at least one with a new name.
STAPLES Center, which was inaugurated in 1999 and retained its original identity since, will be no more as of Christmas Day. The building will henceforth be known as Crypto.com Arena, per numerous reports, part of a 20-year naming rights deal.
Hearing that the Staples Center will be renamed for https://t.co/U3pcKszl4I tomorrow as part of a multi-year naming rights deal for the Lakers, Clippers and Kings arena.— Alicia Jessop (@RulingSports) November 17, 2021
Staples previously had permanent naming rights for the home of the Clippers, Kings, Lakers, and Sparks after originally negotiating a 20-year deal valued at $120 million in 1999. Anschutz Entertainment Group, which owns STAPLES Center, reportedly received more than $700 million from Crypto.com, a Singapore-based crypto exchange and mobile wallet provider. Per Axios, here is how that valuation compares with other stadiums in the area:
For context, SoFi paid over $600 million for 20-year naming rights to the new NFL stadium in Los Angeles, where the Chargers and Rams play, while Intuit paid over $500 million for 23-year naming rights to a new arena that will house the Los Angeles Clippers.
This will be the second building in the NBA to be named after a crypto exchange, as American Airlines Arena in Miami rebranded to the FTX Arena this offseason.
The Staples Center is getting a new name for Christmas: https://t.co/mhGS4GcaVG Arena.— Iliana Limón Romero (@LAT_Iliana) November 17, 2021
The home of the Lakers, Clippers, Kings and Sparks will wear the new name for 20 years under a deal between the Singapore cryptocurrency exchange and AEG.https://t.co/mFZcEZCEQo
The Clippers will play their first game in the newly named building on Dec. 26 against the Denver Nuggets.
As a lifelong L.A. resident and sports fan, it feels immeasurably strange to think about the end of STAPLES Center. Paul George felt the same way, saying postgame, “It’d be weird. I grew up, this being STAPLES, and STAPLES being the place to play and the place to be. It’ll definitely be weird. It’s just, it’s the same location, but it’s kind of like just stripping the history here by calling it something else.... Good thing we won’t be here too long, so, we’ll be at our own place. So it is what it is, I guess.”
"It'll be weird. I grew up this being Staples and Staples being the place to play. It's kind of like stripping the history here by calling it something else... Good thing we won't be here too long."— Tomer Azarly (@TomerAzarly) November 17, 2021
Paul George on Staples Center being renamed https://t.co/gt2PpYQM2R Arena pic.twitter.com/BBBh1QME1P
Like George said, it is what it is. Building names change all the time; that was one sponsorship deal, and this is another, and the Clippers are on their way out anyways.
So long, Staples. Here’s hoping for even better moments in the building’s next iteration.
More news for Wednesday:
- Marc Stein reports that former Agua Caliente Clipper Emanuel Terry is on the USA Basketball World Cup qualifying roster.
- Brandon Boston Jr. had quite the outing in his first rotation minutes of the season. John Hollinger shared some notes from Boston’s G League debut.
- Mo Dakhil gives some thoughts on every NBA head coach thus far.
- DeMar DeRozan tells Chris Haynes just how close he came to joining the Clippers in free agency.
- Clippers radio commentator Noah Eagle did a great podcast with Pepper Persley.