Crypto is coming up all around us whether we like it or not. It doesn’t matter if it’s just a fad, Staples Center will be renamed to Crypto.com Arena for the next 25 years.
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The news broke yesterday that around Christmas Day, the world-famous Staples Center would be changing its name to Crypto.com Arena. It’s a very smart move by the crypto-trading platform despite the change coming in with mixed reviews.
Crypto.com Arena is already here
It was trending all over Twitter and Facebook before the name change had actually occurred. Even though the name has yet to be changed, Crypto.com is already getting a return. The deal will last 20 years and the company paid over $700 million for that privilege.
That’s over $35 million a year. That alone would be enough to pay for the league’s most expensive player, every year. Many iconic stadiums have yet to sell their naming rights. Yankee Stadium, Angel Stadium and Madison Square Garden to name a few.
What does this mean for Dodger Stadium?
So why haven’t they sold it yet? More specifically, why haven’t the Dodgers? It’s a sense of pride. They historic franchise has not needed the financial boost that other teams need to stay competitive. The Dodgers have looked for ways to provide their fans with more genuine content and capitalize on selling access to that content.
About a decade ago, the Dodgers signed one of the largest TV deals in history. Their $8.35 billion deal with Time Warner Cable meant that they would have SportsNet LA for the next 25 years. At the time, the deal was seen with much dispute since it was exclusive to Time Warner customers but it was necessary for the Dodgers at the time.
Dodger content has proven more valuable that naming rights
A year before that deal, the Dodgers’ former owner Frank McCourt agreed to sell the team due to a terrible divorce he and he wife were going through. A move that surely helped the Dodgers get back on track.
That TV deal helped the Dodgers fund their route to success. Even though, they didn’t sign many free-agents, they were able to retain and re-sign homegrown talent. And with the Dodgers having one of the highest attendance records in the sport, the Dodgers are doing just fine by investing in creating an immersive Dodger experience.
Investments into Dodger Stadium provide profits of their own
Recently in 2020, they remodeled their centerfield plaza which has really elevated the Dodger Stadium experience. That alone cost the Dodgers $100 million but they have been able to retain their fanbase. The Dodgers don’t need to sell their stadium naming rights.
Whether they will one day is probably going to be up to where they stand financially. At this point, if the Dodgers changed their stadium name, I think the fans would be more in line with naming the stadium after one of their franchise players. Jackie Robinson, Sandy Koufax or Fernando Venezuela just to name a few. There’s one thing that I do know for sure, it doesn’t get much worse than Crypto.com Arena.