Iconic Home to Los Angeles Lakers and Clippers to Get New Name
What's in a name? I bet if William Shakespeare had been alive during these tumultuous times he wouldn't have come up with that "rose" quote. That's because the answer to the question, "what's in a name" at least during these modern times has less to do with the red of roses and more with the green color associated with money.
For decades fans of the NBA and the NHL in Los Angeles California have found their way to the Staples Center to watch their teams play. Well, the days of the Staples Center are numbered. In fact, after today there are only 38 days left for the iconic sports arena to be known by that moniker.
It was announced yesterday that the facility will have a new naming rights partner. Beginning on December 25th, ironically a huge day for the NBA, the facility will be known as the Crypto.com Arena. According to reports the naming rights deal for the facility is the largest ever for a U.S. venue naming rights deal. The deal with Crypto.com is reported to be part of a 20-year agreement.
According to the company's website, Crypto.com's mission is to accelerate the world's transition to cryptocurrency. The company slogan is "Cryptocurrency in Every Wallet". Having a high profile stadium carry your name is probably a good way to increase brand awareness in what is still considered to be a fledgling industry.
Here's the "explain it like I am five" definition of what cryptocurrency is. You've probably figured out it is an online currency that businesses and individuals can use to purchase goods and services. Of course, the cryptocurrency can be exchanged for more traditional currency, hence its value on the marketplace.
Probably the best explanation I have heard of how cryptocurrency works involve Chuck E. Cheese. Yeah, the pizza rat. When you play games at Chuck's place you get tickets or tokens. You then redeem those tickets or tokens for prizes. Cryptocurrency is just another form of money and obviously, it's a lot of money because they can afford to pay for the naming rights for the Los Angeles arena.
I would think the owners of the facility have to be pretty pleased with the new deal. Especially when you consider the original cost of the building was $375 million back in 1999. Yesterday's deal is reported to be close to $700 million over the next 20 years. So, with just the naming rights, they've more than paid for the building.
Naming rights are a big deal for event venues. Just recently the Mercedes-Benz Superdome in New Orleans became the Caeser's Superdome. The "baby dome" next to the Superdome is now affectionately known as the Smoothie King Center too. I wonder why we've never had naming rights for Lafayette's Cajundome?
I am guessing money would be the answer to that last question but if you were going to suggest a "sponsor" for the naming rights for the Cajundome who would you suggest? I find myself leaning toward Krispy Krunchy Chicken or Boudreaux's Butt Paste but then again I am biased I just want to hear Charles Barkley or Troy Aikman have to expound on what butt paste is all about. No, scratch that, I'd be fine never hearing Troy Aikman talk again.
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