Mark Cuban on Crypto.com Arena: “Brilliant Deal”

Mark Cuban shared his views regarding the renaming of Staples Center to Crypto.com Arena. The Dallas Mavericks owner and cryptocurrency enthusiast expressed his appreciation of the Los Angeles, California-based multi-purpose coliseum’s new name. 

We feel delighted to read this news about Staples Center’s renaming to Crypto.com Arena. We are also glad to learn about Mr. Mark Cuban sharing his opinion regarding this latest cryptocurrency-related development.

We think this report about Crypto.com Arena demonstrates cryptocurrencies and virtual currency companies inevitably gaining traction nowadays in the world of business, finance, and sports. 

According to the update posted online by sports magazine Sports Illustrated, Cuban gave his reaction to the Staples Center changing its name to Crypto.com Arena ahead of the Los Angeles Clippers and Dallas Mavericks game yesterday, Sunday, November 21. 

He affirmed being a fan of Staples Center’s new name. Cuban pointed out that he thought the name change was a brilliant agreement. He also remarked that cryptocurrency firms are engaging in huge deals nowadays.

Based on the report posted online by finance, business, and markets news portal CNBC, Staples Center’s new name will be Crypto.com Arena per an announcement made last week. This name change will go into effect on Christmas Day, Saturday, December 25, 2021. 

Furthermore, the Crypto.com Arena name change will take place as the Los Angeles Lakers host the Brooklyn Nets in the National Basketball Association’s yearly Christmas Day games, which will air on Disney-owned ABC and ESPN. Crypto.com’s acquisition of the naming rights to the Los Angeles Lakers’ Staples Center is reportedly a US$700-million agreement. 

This contract links the virtual currency firm with Anschutz Entertainment Group (AEG) which owns the Staples Center and surrounding complex, L.A. Live. The deal’s terms were not disclosed.

However, a person familiar with the agreement said that the renaming of Staples Center to Crypto.com Arena is a 20-year contract. The insider confirmed that this deal is, indeed, worth US$700 million, making it one of the most expensive naming rights agreements in sports history. 

Dan Beckerman cited that this collaboration of AEG and Crypto.com is about the future. The AEG president and chief executive officer relayed that his firm and the virtual currency company share a vision about innovation and sports and entertainment’s future. 

Beckerman remarked that the two companies have a shared commitment to the communities where they live and work. He said that they at AEG look forward to collaborating with Crypto.com to make meaningful projects to bring their company’s vision to life in the coming years. 

On its platform, Crypto.com boasts over 10 million users. It permits its members to sell and purchase crypto-assets and earns revenue from transaction charges. 

Additionally, Crypto.com has sports alliances in a US$100-million agreement with Formula 1 racing and a sponsorship with the National Hockey League’s Montreal Canadiens.

We agree with Mr. Cuban when he said that the Staple Center’s renaming to Crypto.com Arena is an amazing agreement as we gathered that this milestone event connects the cryptocurrency company with one of the National Basketball Association’s top brands.

The deal also offers important brand awareness as Crypto.com positions itself to capture market share in the ever-expanding crypto-asset space. As the promising cryptocurrency space becomes more accepted and successful among retail investors, we believe more sports leagues and organizations will embrace virtual currency sponsorships and business agreements in the coming years.