‘LeBitcoin’: Lakers Fans Go Berserk as Staples Center Set to Be Renamed After Crypto Company

Published 11/17/2021, 1:50 AM EST

In ground-breaking news, the Lakers have just announced that the legendary Staples Center is getting renamed as Crypto.com Arena. Lakers fans have always associated the franchise with their iconic home turf, the Staples Center. Following the announcement, social media has now erupted as fans are finding it hard to believe this news.

After 22 years of iconic performances and sporting events, the Staples Center will now be known as Crypto.com Arena. While this name change deal does not wipe the history of this venue, fans will naturally have an emotional reaction to this.

This is how fans took to Twitter to express their opinions on the deal.

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Lakers fans react to massive name change deal of the Staples Center

 

Details of the deal and more

According to reports, Crypto.com agreed to pay $700 million for this 20-year naming rights deal. Staples paid $100 million for the naming rights to the arena in 1997, and then paid another $100 million in 2009. AEG purchased the rights in 2019 but delayed renaming the arena.

In recent months, Crypto.com has become the second cryptocurrency startup to secure a sports venue in the United States. In June, FTX agreed to pay $135 million to rename the American Airlines Arena in Miami to FTX Arena.

History of Staples Center: More than just the Lakers

Staples Center is a world-class sports and entertainment venue in Downtown Los Angeles, part of the stunning L.A. LIVE complex. The Staples Center was officially opened on October 17, 1999, with a concert by Bruce Springsteen & The E Street Band.

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Staples Center has been home to four professional sports teams: the Los Angeles Lakers and Clippers of the NBA, the Los Angeles Kings of the NHL, and the Los Angeles Sparks of the WNBA. Now that will be three teams after the Clippers started building a new arena for themselves, at the beginning of this season.

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The Staples Center holds over 250 events each year, attracting over 4 million visitors. These events range from professional sports and boxing to the annual GRAMMY Awards, live music, and family performances.

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Chaitanya Dadhwal

506 articles

Chaitanya Dadhwal is an NBA writer at EssentiallySports. Even though his journalism is driven by his desire to understand both sides of an argument and give a neutral perspective, he is biased towards Houston Rockets and Arsenal, and he has shown exactly how loyal he can be through tough times. Currently a Law student at Jindal Global Law School, he aims to have his own sports management firm one day and enjoys rap music during his time off.

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