Exciting news from Crypto.com! They just paid $700 Million for the Staples Center naming rights! You heard that right, the Staples Center will now be referred to the Crypto.com Arena! A huge win for crypto and the market alike. With the announcement, Crypto.com’s CRO coin jumped in value. Investor trust is definitely soaring!
Now $700 Million is a lot of money. There’s no doubt about that, but did you know that Crypto.com paid almost double for naming rights? Let’s dive into the Staples Center history to understand how expensive this deal was. Crypto is a game changer.
Staples Center
The Staples Center is a multi-purpose arena in downtown Los Angeles and home to the Los Angeles Lakers and Clippers. Iconic as it is, construction on the Staples Center almost didn’t happen. The Los Angeles Kings were looking for a new home and were in negotiations with city council members and real estate developers. Discussions over public subsidized funding commenced.
After much negotiation, the center was given the green light and the office supply company, Staples, purchased naming rights for the center, paying a whopping $375 million. The arena opened on October 17, 1999. $375 million was a lot and still is today, but looking at inflation of 2.33% per year between 1999 and 2021, that $375 million is actually around $581 million today (source). Comparing that to the $700 million that Crypto.com just paid for naming rights, Crypto.com really went all in.
The future definitely looks bright for Crypto.com and its investors. What other plans do they have down the pipeline? Sign up for push notifications and follow us on our socials to stay informed of everything on Cronos!