Staples Center to become Arena in reported $700 million naming rights deal

Discussion in 'Crypto Assets' started by johnarb, Nov 22, 2021.

  1. johnarb


    prolly nothing...

    Staples Center to become Arena in reported $700 million naming rights deal
    Nov 16, 2021

    LOS ANGELES -- Staples Center is getting a new name. Starting Christmas Day, it will be Arena.

    The downtown Los Angeles home of the NBA's Lakers and Clippers, the NHL's Kings and the WNBA's Sparks will change its name after 22 years of operation, arena owner AEG announced Tuesday night. is paying $700 million, according to multiple reports, over 20 years to rename the building. The parties aren't publicly announcing the financial terms of what's believed to be the richest naming rights deal in sports history.

    The 20,000-seat arena has been Staples Center since it opened in October 1999, with the naming rights owned by the American office-supplies retail company under a 20-year agreement. The name will change when the Lakers host the Brooklyn Nets in the NBA's annual Christmas showcase. is a cryptocurrency platform and exchange headquartered in Singapore. Founded in 2016, has been on a spending spree across the global sports landscape over the past year. The platform has inked high-visibility sponsorship deals with Formula One, the UFC, Italy's Serie A, Paris St-Germain and the NHL's Montreal Canadiens, while also purchasing the Philadelphia 76ers' uniform sponsorship patch.

    AEG, the sports and entertainment conglomerate that has majority ownership of the Kings and had a stake in the Lakers until last summer, built the arena that quickly became a famous setting for major events in the United States' second-largest metropolitan area.

    Along with its sports tenants, the arena has hosted 19 Grammy Awards ceremonies, three NBA All-Star Games, two NHL All-Star Games and countless high-profile concerts, performances and important public events, including memorials for Michael Jackson, Nipsey Hussle and Kobe Bryant.

    The Lakers have won six NBA championships during their tenure in the cavernous arena, including three straight in its first three years of operation. Banners commemorating the Lakers' 17 NBA titles hang high on the walls above the playing floor, providing what might be the most distinctive interior feature of the building.

    "Yeah, it's tough, you know what I mean? Lakers fans and really sports fans in general obviously know that building as the Staples Center," Lakers coach Frank Vogel said Wednesday. "I understand the disappointment the fans will have. But that's just the way of the world. This is the business we're in. Almost universally around the country, there's a business element to naming rights for the arenas. It's really out of our control."

    Russell Westbrook, who joined his hometown Lakers this offseason, said Staples Center "has got so many great memories, just for me as a kid, growing up in L.A."

    "So many great things have happened in that building," he said. "Regardless of the name, the building is still the building, and that's what's most important and that's all you can think about."

    The Sparks have won three WNBA titles while at Staples Center, and the Kings won their first two Stanley Cup championships (2012 and 2014) there, clinching both on home ice.

    The Clippers will be short-timers at Arena. They're scheduled to open owner Steve Ballmer's $1.2 billion, 18,000-seat Intuit Dome in neighboring Inglewood in 2024 when their Staples Center lease expires. However, the Clippers were among the first to react to the name change after hosting the San Antonio Spurs on Tuesday night.

    "It's kind of like just stripping the history here by calling it something else," said Paul George, who grew up in Palmdale, outside of Los Angeles.

    Reggie Jackson also had a hard time processing the name change.

    "[The Lakers] have their history here, Kobe, especially my era, growing up, watching those championships. Shaq [O'Neal]. Nah, it's too many memories. It's gonna be hard to not call it Staples," he said.
  2. johnarb


    prolly nothing...

    Odell Beckham Jr. is taking his Rams salary in bitcoin

    Cameron DaSilva
    Mon, November 22, 2021, 10:59 AM·1 min read

    Odell Beckham Jr. signed a new one-year deal with the Rams two weeks ago after the Browns released him. His contract comes with a base salary of $750,000 and a $500,000 signing bonus, with another $3 million available to earn in the form of team-based incentives.

    Beckham will try to turn his $750,000 salary into even more money by taking it in the form of bitcoin. He announced that news on Monday in partnership with Square’s Cash App, saying he’s taking his new salary in bitcoin.

    Additionally, Beckham and Square are giving away $1 million in bitcoin.

    Beckham has played one game with the Rams so far, catching two passes for 18 yards in his debut against the 49ers. He’s under contract through the rest of the season but will become a free agent in March if the Rams don’t sign him to an extension beforehand.
  3. Overnight


    Ya know, I wonder if this is one of those things...

    I've mentioned this before somewhere on the forum..
    I was riding on a bus in Florida back in 2011/early 2012, and remember seeing the backs of bus-stop benches emblazoned with ads about the local municipal bus company, and touting their new Facebook page.

    I thought to myself, "damn, local governments are now getting on the FB wagon. The thing is really taking off now". And of course later in 2012, when FB went public, I did not get in on it. Now look at FB price, 9 years later.

    Are we seeing the same thing with Crypto now, as more and more celebrities are asking for salaries in bitcoin?
    johnarb likes this.
  4. orbit23


    Crypto yes, bitcoin no. Or so i hope.

    Bitcoin produces nothing of value. It's going up because everyone is buying it in seek of higher yields. It's slow and expensive to use. The ownership is highly concentrated and so is the mining power(in pools). There is little to no innovation. 10 year is an extremely long time period, yet there has been very little development on Bitcoin.

    It is expensive to maintain - burns a lot of electricity which pollutes the environment, ruins our health and accelerates climate change.

    IMO something that was first and is unable to evolve, is unlikely to retain it's position. Other cryptocurrencies will be able to provide everything Bitcoin does, as well as additional services.