Crypto.com Arena formally begins multi-million dollar renovations

Crypto.com’s multi-million sports deal for famed downtown Los Angeles sports arena, formerly called Staples Center, has entered the next stage of collaboration with the formal announcement of major upgrades.

In 2021, Crypto.com sealed a $700-million deal with AEG, the arena’s owner, netting a 20-year naming rights agreement to rename Staples Center to Crypto.com Arena. It was among multiple partnerships and sponsorship arrangements between crypto companies and global brands in the sports industry amid the bull cycle that saw crypto prices rally to new highs.

But while the crypto winter has seen many crypto firms struggle, and even look to stabilise by firing staff, Crypto.com looks to be intent on making a name for itself as it continues to support AEG’s state-of-the-art renovations to the arena.

Crypto.com Arena gets reimagined

It’s a three-year spruce up formally announced on Monday, and which will involve a nine-figure dollar sum, according to reports.

The upgrades to the iconic venue include a reimagined City View terrace that will overlook downtown LA, a Tunnel Club, a reimagined Chairman’s Club, concourse suites, and giant new LED screens.

The crypto exchange shared images of the reimagined Crypto.com Arena, stating in a tweet that “the legacy continues.”

Lee Zeidman, President of Crypto.com Arena said:

“The wide-ranging renovations to the arena and Xbox Plaza will provide fans with entirely new ways to experience their favorite sports and music events.”

Crypto.com founder and CEO Kris Marszalek noted in a statement that the exchange’s long-term collaboration with AEG was just starting, and that the goal of the facelift is to offer “best-in-class fan experiences and entertainment.”

According to AEG, the first phase of the renovations will be complete before the first game night this October, while everything else will be done by November 2024.