Report: Staples Center to undergo massive renovation akin to Madison Square Garden’s $1 billion update

On Tuesday night, it was reported that Staples Center, the longtime home of the Los Angeles Lakers, will be renamed to Crypto.com Arena starting next month.

A new report indicates that following the renaming, Staples Center will undergo a “massive renovation.” Officials apparently see this renovation on the same level as the one that Madison Square Garden, the home of the New York Knicks, underwent a couple of years ago.

It will be interesting to see what types of changes Staples Center ends up undergoing and whether or not it will sport an entirely new look in the future.

Crypto.com is reportedly paying a massive amount of money in exchange for the naming rights to the stadium. This naming rights deal is believed to be the richest one in sports history.

“Terms of the agreement were not disclosed, but a person familiar with the deal told CNBC it was a 20-year contract worth $700 million,” wrote CNBC’s Jabari Young regarding the deal.

Since opening in 1999, Staples Center has hosted numerous award ceremonies and star-studded events. It has also, of course, been home to many Lakers squads that have won NBA championships. It’s easily one of the most recognizable arenas in the world.

LeBron James and the Lakers are scheduled to face off against Kevin Durant and the Brooklyn Nets on Christmas in a high-profile game.

Following the opening of Staples Center, the Lakers dominated the league for three straight seasons, winning three NBA titles as they were led by the efforts of Shaquille O’Neal, Kobe Bryant and Phil Jackson.