The Staples Center in downtown Los Angeles is a famous sports arena in the Creative Capital of the World. The ownership and management of the arena fall on a company called Arturo L.A. Arena Company. The company is a subsidiary of the Anschutz Entertainment Group (AEG). The arena is home ground to the National Hockey League team called Los Angeles Kings.
The same ground also serves as the home ground for teams like Los Angeles Lakers and Los Angeles Clippers, who are associated with the National Basketball Association (NBA). Another noteworthy team that uses the Staples Center as a home ground is Los Angeles Sparks that is registered with the Women National Basketball Association or WNBA.
Twenty Years Partnership Deal
According to the press reports, Hong Kong-based exchange market Crypto.com has signed a 20 years deal with the Staples Center worth $70 million. The deal allows the crypto giant to acquire the naming rights of the stadium and change it to Crypto.com Arena. The press reports also claimed that Crypto.com executive brass is planning on releasing a new logo and internal arena signage for important events like Christmas Eve.
This deal has also made Crypto.com the official cryptocurrency partner for L.A. Lakers and L.A. Kings. The name-changing ceremony will go live on December 25th of the current year. On the other hand, the changing of all the external signage will be changed by June 2022. Because the sports arena hosts around 240 high-profile national and international sports events that attract over 240 million sports lovers from all parts of the world, it is marked as a clever marketing move by many.
Reflecting on the marketing strategy of Crypto.com, the CEO and co-founder of the platform Kris Marszalek recently told the media that the people and city of LA are always deemed as the Global center for creativity and sports. He further added that the partnership with AEG is going to allow the platform to get engaged with more investors and create long-term corporate investment deals at the same time. Crypto.com has also recently decided to sponsor the Formula 1 brand. The digital corporation sponsored important racing events like the Sprint Series 2021, SilverStone, and Pirelli British Grand Prix, among others. Commercial Partnerships Director for Formula 1, Ben Pincus claimed that the new commercial deal with Crypto.com is exciting, and the company is looking forward to exploring the world of cryptocurrencies and blockchain technology.