NBA fans are in for a shocking name change on Christmas Day.
And no, a team is not switching its name to celebrate the holidays.
Instead, an iconic arena is getting a new name.
We're extremely proud to announce that Staples Center, Los Angeles' most iconic arena is getting a new name:
— Crypto.com (@cryptocom) November 17, 2021
Staples Center, easily one of the most iconic venues in all of sports, will now be known as Crypto.com Arena.
That name does not exactly roll off the tongue and it will take some getting used to.
Yet most fans will just keep calling it Staples Center because of the history in that arena.
Staples Center in Los Angeles will be renamed https://t.co/oeo2R4ZA9P Arena starting in December.
It is reported to be the largest American naming rights deal for a venue in history.
$700 million over 20 years is 🤯
— Pomp 🌪 (@APompliano) November 17, 2021
A Lucrative Deal
Reports state this naming rights deal is worth $700 million, so we can see why Staples was beat out in terms of keeping their name on the arena.
Crypto is booming and now NBA fans will hear all about it with this change.
It is hard to imagine in 2021 that a company like Staples is not just around, but has its name on such an iconic building.
Yet they got their name on it back in 1999 and at this point fans don’t even think about the office supply company when thinking about the arena that Kobe Bryant built.
Changing the name of a sports venue is always an unpopular move among fans and always comes down to which company will offer the most money.
If Crypto.com is truly paying $700 million over 20 years, that is an impossible offer to refuse.
So what will the new nickname be?
Fans will have to get creative, but most will likely still call it Staples Center the same way fans in Cleveland call Progressive Field “The Jake” after Jacobs Field.
Some names are too iconic to move on from, but those involved in the business decision will not care much as long as the money keeps rolling in.