Here are two undeniable things.
- The Los Angeles Lakers are extremely valuable.
- Crypto is getting more and more mainstream by the day.
If you need more confirmation of either of those facts, look no further than the renaming of the Staples Center.
Crypto.com reportedly paid over $700 million for 20 years worth of naming rights. Yes, you read that right, 700 million dollars.
Other Naming Rights Deals
We already knew that the Los Angeles Lakers were valuable. According to Forbes, they are worth around $5.5 billion, which is good for 3rd most in the NBA.
How does this deal stack up to others?
The cross-town Clippers recently struck a 23-year deal to name their new Inglewood arena the Intuit Dome. That deal netted them $500 million.
SoFi Stadium, which is the home to the Los Angeles Rams and Chargers, sold its naming rights for $600 million.
While both deals are lucrative, it’s clear that the Lakers are still the kings of L.A. moneywise.
The new deal with crypto.com is a big upgrade from the original Staples center deal. Staples initially paid just $100 million for the naming rights back in 1997.
What is Crypto.com?
If this is your first time hearing about crypto.com, you’re not alone. But, their name recognition is sure to rise in the coming years.
According to their website, its vision is to bring cryptocurrency to every wallet. Its stated mission is to accelerate the world’s transition to cryptocurrency.
I have no idea if their mission and vision will be achieved; I’m certainly no financial expert. But, it’s safe to say that this eye-popping deal will keep their brand in the public eye for decades to come.
Interestingly enough, crypto.com isn’t the first cryptocurrency company to reach a naming rights deal in the NBA. FTX reached a $135 million deal to rename the Miami Heat’s arena from the American Airlines Arena to the FTX arena.