Staples Center to be renamed Crypto.com Arena

The NBA's Los Angeles Lakers and Los Angeles Clippers, the NHL's Los Angeles Kings, and the WNBA's Los Angeles Sparks will soon no longer play at Staples Center.

Instead, the landmark downtown L.A. venue will be rebranded as Crypto.com Arena, the Anschutz Entertainment Group announced Tuesday.

The Singapore-based cryptocurrency investment platform will pay more than $700 million to AEG over 20 years, Axios' Dan Primack reports.

The building's new name will come into effect on Dec. 25.

"This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment, as well as the incredible legacy of this arena for decades to come," Todd Goldstein, AEG's chief revenue officer, said in a statement.

The building has been sponsored by Staples since opening its doors in October 1999. The office supplies retailer negotiated lifetime naming rights in 2009, though AEG bought back the rights last year, according to Primack.

Earlier this year, the Lakers extended their lease with the arena through 2041. The Clippers will move into their new home, the Intuit Dome in Inglewood, in 2024.