Say goodbye to the Staples Center because it will soon be renamed to “Crypto.com Arena” in a massive $700 million deal!

via KCAL 9:

Staples Center, the iconic arena in downtown Los Angeles, which has been the home to the Lakers, Clippers and Kings since 1999, will be renamed Crypto.com Arena in what is believed to be the largest naming rights deal in history.

Staples originally paid $120 million for a 20-year naming rights deal in 1999. Crypto.com will pay $700 million for a 20-year naming rights deal according to Arash Markazi.

A source confirmed to CBSLA that the name change will happen on Christmas Day. A formal press release is expected to be released soon.

“Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment,” said Crypto.com Co-Founder and CEO, Kris Marszalek. “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 LA and around the world.”

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