Los Angeles Lakers fans will receive a huge gift this Christmas. But it's something that may be of an acquired taste.
According to reports, the Lakers' home arena, Staples Center, will be renamed as Crypto.com Arena on December 25. The Lakers moved to Staples Center in 1999 after spending memorable years at The Forum.
While the sudden name change won't immediately appeal to Lakers fans or even to LeBron James and company themselves, it was an offer the owners of Staples Center, Anschutz Entertainment Group, apparently couldn't refuse. Based on reports, Crypto.com, a Singapore-based company, is paying an eye-popping, mind-numbing $700 million for the 20-year naming change (via Legion Hoops).
Crypto-com is paying a record $700M (!!!) to secure a 20-year naming deal for Staples Center. (via @axios)
— Legion Hoops (@LegionHoops) November 17, 2021
We're not pretty good at math, but that's a lot of money.
The Lakers have had good memories at Staples Center, raising six championship banners in its rafters. Of course, there's also Kobe Bryant's 81-point explosion against the Toronto Raptors and the farewell game of the late Lakers icon.
Let's also not forget the fans of the Los Angeles Clippers, who have also seen a resurgence of sorts playing at Staples Center. Especially if you ask Patrick Beverley.
It will definitely take some time for the Purple & Gold faithful to get used to calling their home Crypto.com Arena. Change is always challenging. But then again, perhaps for the Lakers, there are 700 million reasons for them to embrace it.
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