Monday
Oct192009

Staples Signs Historic Naming Rights Deal With AEG For Lakers, Kings Venue

October 19, 2009: Sports and entertainment giant AEG said it has signed an historic deal with Staples giving the office supply company naming rights to Staples Center in perpetuity. Staples has had naming rights to the Los Angeles arena since in opened in 1999, when it signed a 20-year deal that reports put at $100 million. Financial terms for the new deal were not disclosed.

As part of Staples’ original agreement with AEG, the 10th year of the deal included an option for a naming rights extension. According to AEG, "This arrangement creates the first lifetime naming rights extension for a major-market arena."

Staples Center, which adjacent to AEG's L.A. Live multi-entertainment center, is the home of  the NBA defending champion Los Angeles Lakers and Los Angeles Clippers, the NHL’s Los Angeles Kings (which is owned by AEG) and the WNBA’s Los Angeles Sparks. The arena received global attention for the Michael Jackson memorial service, which was watched by more than 2 billion viewers worldwide.

“Staples has been a great partner since Day One,” Timothy Leiweke, president and CEO of AEG and Staples Center, said in a statement. “[Staples] had the vision to enter into a groundbreaking agreement 10 years ago, which has certainly paid off with a partnership to create an association with the most widely recognized venue in the world. This lifetime deal, with a leading global brand, will continue to be heralded as a great investment and one that will help secure the future of Staples Center as a world-class sports and entertainment destination.”

AEG, a wholly owned subsidiary of the Anschutz Company, owns or controls facilities or teams including:

Staples Center (Los Angeles, CA), Prudential Center (Newark, NJ), Sprint Center (Kansas City, MO), The Rose Garden (Portland, OR), WaMu Theatre (Seattle, WA), XL Center (Hartford, CT), El Rey Theatre (Hollywood, CA), Colosseum at Caesars Palace (Las Vegas, NV), Target Center (Minneapolis, MN), Rentschler Field (Hartford, CT), Nokia Theatre Times Square (NY), Nokia Theatre at Grand Prairie, Acer Arena (Sydney, Australia), Color Line Arena (Hamburg), The O2 (London),  the Los Angeles Kings (NHL), Los Angeles Riptide (MLL), Manchester Monarchs (AHL), Reading Royals (ECHL) and Houston Dynamo and Los Angeles Galaxy (MLS).

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