Hey Sports Tech Fans,
Crypto.com signed a stadium naming rights deal for the LA stadium, formerly known as the Staples Center.
The size of the deal is an insane $700 million over the course of the 20 year deal.
The size of the deal goes to show the money in the blockchain world at the moment.
The Staples deal in 1999 was $100 million for 10 years so the inflation here is quite significant.
The stadium is hope to multiple teams, LA Lakers, LA Clippers, LA Kings and LA Sparks.
The Clippers owned by ex Microsoft CEO Steve Ballmer, will be moving from 2024 to their own brand new stadium, Intuit Dome. Their 23 year deal came in at around $500 million.
The value of these deals is always the leading headline as teams are constantly looking for larger and larger deals.
My own team Tottenham Hotspur have moved into a new stadium that plays both Premier League and NFL games every season as well as hosting events like Anthony Joshua fights to 62k fans, but as of yet haven’t reached an agreement on a naming rights deal.
It looks more likely that rumours of Amazon, Uber or a big tech company taking the naming rights will give way to a Crypto company who seem willing to pay the sky high fees for the honour.
Is signing these big deals the signs of blockchain hitting the mainstream or is it a sign of over spending?
Have a great sporting weekend,