How much did they pay to change Staples Center name?

The Staples Center arena in downtown Los Angeles is the home of the Lakers, Clippers, Sparks and Kings, but the venue’s name has been changed. It’s now called the Microsoft Arena following an agreement between Microsoft and AEG, the arena’s owner.

So, how much did they pay to change the Staples Center name? According to reports, Microsoft paid AEG a reported $400 million to acquire the naming rights.

The agreement is initially for 18 years, with the option of an additional 10-year extension. This means Microsoft will pay $22.2 million per year under the terms of the deal.

The Microsoft Arena is the latest in a series of corporate naming rights deals that have become common in the sports and entertainment world. This includes deals such as London’s O2 Arena, New York’s Barclays Center and Las Vegas’ T-Mobile Arena.

The inclusion of the Microsoft branding is also expected to extend beyond just naming rights. Microsoft’s technology will be integrated into the arena, with plans to provide digital experiences for fans, including the ability to order food and drinks, access exclusive content and more. The company has also said it plans to use the arena as an incubator for new technology.

The Microsoft Arena is expected to open in the fall of 2021, when the Los Angeles Lakers and Clippers will resume their NBA seasons.

What is the Cost of Changing Staples Center Name?

The Staples Center in Los Angeles, California, is one of the most famous arenas in the United States. Not only is it home to the Lakers, Clippers, Kings, and Sparks, but also hosts numerous international events. In 2021, its name changed from the Staples Center to the Microsoft Teams Arena after a $100 million, 10-year deal.

The Staples Center, formerly the Great Western Forum, was first opened in 1999. It was sponsored by many companies, including Pepsi and Arco, and was also the home of the Los Angeles Lakers and Los Angeles Kings. In 2005, Staples Inc. purchased the naming rights for the arena for $116 million, and it became known as the Staples Center.

In June of 2021, the Staples Center announced that it was partnering with Microsoft to become the Microsoft Teams Arena for a 10-year, $100 million deal. This deal includes naming rights, use of the Microsoft Teams Arena logo, and the installation of Microsoft Teams technology in the arena. The arena will also host a Microsoft Innovation Center, which will provide educational resources for the local community.

The $100 million price tag for the naming rights deal may seem high, but it is in line with other similar deals. For example, in 2017, the Barclays Center in Brooklyn was renamed in a 10-year, $200 million deal. Similarly, in 2020, the home of the Minnesota Timberwolves, the Target Center, was renamed in a 10-year, $400 million deal.

The cost of changing the name of the Staples Center is a big investment, but it is one that is sure to pay off in the long run. The Staples Center is one of the most popular arenas in the United States and the deal with Microsoft will ensure that it stays that way for years to come.

Breaking Down the Expenses to Rename Staples Center

If you’ve been following the news, you know that Staples Center, the second-most attended sports arena in the United States, recently changed its name to the Microsoft Arena. The renaming of Staples Center is an expensive venture. But what does it actually cost to rename an entire arena? In this post, we’ll break down the costs involved to rename Staples Center.

The first and most obvious cost is the monetary cost of changing the name. Staples Center was purchased by Microsoft for $400 million. This includes millions of dollars in advertising and marketing costs, as well as the cost of changing signage, uniforms, and other items associated with the arena.

In addition to the monetary cost, the renaming of Staples Center has a human cost. Hundreds of people, including employees, contractors, and vendors, have been affected by the rename. Some have lost their jobs, while others have had to find new ways to market and advertise the new name. It’s also possible that some vendors have lost contracts due to the change.

Finally, the renaming of Staples Center has an environmental cost. The arena’s old signage, uniforms, and other items associated with the arena must be disposed of properly. This means hiring special firms to dispose of the items in an environmentally friendly manner. All of this incurs additional costs.

In summary, the cost to rename Staples Center is significant. It includes the monetary cost of purchasing the arena, the human cost of the people affected, and the environmental cost of disposing of the old items. All of these costs add up to a significant amount of money, but it is a necessary cost to properly and accurately rename the arena.