Fans React To Staples Center Name Change To Crypto.com Arena

LOS ANGELES, CA — The Staples Center is getting a new name for Christmas, but many LA sports fans took to social media to say they'd prefer a lump of coal.

Staples Center will be known as Crypto.com Arena beginning Christmas Day under a 20-year naming rights agreement between arena owner AEG and the company billing itself as the fastest-growing cryptocurrency platform. The announcement was widely panned as Angelenos try to adjust to a name that doesn't quite roll of the tongue.

According to the Los Angeles Times, Crypto.com paid more than $700 million for the naming rights. That would make it one of the biggest arena-naming deals in sports history. However, terms of the agreement were not officially announced.

For the money, Crypto.com gets official designations across Crypto.com Arena, L.A. LIVE, Microsoft Theater, The Novo, the Los Angeles Lakers and the Los Angeles Kings.

The new logo and other branding assets including internal arena signage will be introduced on Christmas Day, when the Los Angeles Lakers play host to the Brooklyn Nets. All of the venue's external signage will be replaced by June.

The agreement also makes Crypto.com an official cryptocurrency platform partner of the Lakers and Kings.

"We're very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in L.A. and around the world," said Crypto.com co-Founder and CEO, Kris Marszalek.

Crypto.com claims to have more than 10 million customers. Its headquarters are in Singapore and employs more than 2,600 people in offices across the Americas, Europe and Asia.

The company was founded in 2016. It recently began a global campaign featuring actor Matt Damon to formally introduce the platform.

Crypto.com also has sponsorships with the UFC, the F1 auto racing circuit, Italian soccer's Serie A, the NBA's Philadelphia 76ers and NHL's Montreal Canadiens.

The arena opened in 1999 and is home to the NBA's Lakers and Los Angeles Clippers, the NHL's Los Angeles Kings and WNBA's Los Angeles Sparks. It is one of the nation's leading concert venues and has been the site of 19 of the past 21 Grammy Awards.

Todd Goldstein, the Chief Revenue Officer of AEG, owners and operators of Staples Center, said in a release the partnership with Crypto.com 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.

"It marks an exciting new chapter in the history of our company and our respective industries, and we couldn't be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community," Goldstein said.

Dan Beckerman, President and CEO of AEG, said in a release, "This partnership is about the future."

"AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live," Beckerman said. "We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come."

The athletes who call the arena home were largely mum on the deal. However, the Clippers Paul George shared his thoughts.

“I grew up this being Staples and Staples being the place to play and the place to be. It’s kind of like just stripping the history here,” George told KTLA.

Fans were less eager to embrace the change Wednesday.

Some flat out refused to acknowledge the change, and many invoked late Laker legond Kobe Bryant to express their displeasure.

Bryant's widow concurs:

City News Service and Patch Staffer Paige Austin contributed to this report.