The home of the Los Angeles Lakers and Los Angeles Clippers is getting a new name. The Staples Center will officially become Crypto.com Arena on Christmas Day.

The change is the result of what’s believed to be a record-setting agreement between the cryptocurrency platform and AEG, which owns the arena. The two sides announced a 20-year deal Wednesday worth a reported $700 million.

“This partnership 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 as well as the incredible legacy of this arena for decades to come,” Todd Goldstein, chief revenue officer of AEG, said in a statement.

“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.”

When the building opened in 1999, Staples reportedly paid $116 million over 20 years for the naming rights. The deal was extended 10 years later.

Staples Center hosts home games for the NBA’s two L.A. teams, the NHL’s Los Angeles Kings and the WNBA’s Los Angeles Sparks. The franchises have won 11 championships while calling the building home. The arena has also hosted 19 of the last 21 GRAMMY Awards shows.

“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," said Crypto.com Co-Founder and CEO, Kris Marszalek.

The Clippers will eventually leave Staples Center for their own arena, which is set to open in Inglewood in 2024. Intuit, a financial software company, purchased the naming rights for the building with a 23-year deal worth more than $500 million, according to CNBC.

IMAGES Fans gather outside the Staples Center in Los Angeles where a public memorial service for NBA legend Kobe Bryant and his daughter Gianna Bryant will be held.
Fans gather outside the Staples Center in Los Angeles where a public memorial service for NBA legend Kobe Bryant and his daughter Gianna Bryant was be held. AFPTV / Sébastien VUAGNAT
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