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What is Staples Center's new name? Fans 'in tears' as they brand new moniker 's**t'

The famed building in downtown Los Angeles was opened in 1999

The name of Staples Center, which is home to the NBA's Lakers, Clippers, Kings, and Sparks, will soon be changed. It will now be known as Crypto.com Arena beginning Christmas Day. As per reports, the naming rights deal is one of the richest ever in the history of sports.

The famed building in downtown Los Angeles was opened in 1999 after $375 million were spent to construct it and since then it has been called -- Staples Center. However, now the Hong Kong-based cryptocurrency platform and exchange has offered $700 million to current owners AEG for naming rights. Also, as part of the deal, Crypto.com becomes “an official cryptocurrency platform partner of the Los Angeles Lakers and the L.A. Kings,” a statement from the currency trader noted.

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The official name change will reportedly happen on Christmas Day when the Lakers host the Brooklyn Nets in the NBA's highest-profile regular-season game. Besides, the new logo of the site -- which holds 20,000 seats and has hosted 19 Grammy Awards events -- and “premium branded areas of the arena including a 3,300 sq. ft activation space at the building’s entrance” will also be released on that day.

Commenting on the new deal, Todd Goldstein, Chief Revenue Officer of AEG, said: “This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come. It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community.”

Crypto.com co-Founder and CEO, Kris Marszalek, added, “We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world.”

Meanwhile, several people have reacted to the name change news online. A user angrily said, “Hate how they sell the name to the highest bidder. Sucks that you can’t have the lakers center, mavericks arena etc etc it’s all about the money.” Another one sarcastically wrote, “Nobody is gonna call up their friends and be like "hey guys, wanna hang out at the 'http://Crypto.com Arena'???” “Lakers used to play in the ‘Fabulous Forum’ which then became the ‘Great Western Forum’ which then they moved to ‘Staples Center’ and now this crypto shit. I wish we could go back to the Fabulous Forum.  That was a good arena to watch a game, for fans, not for corporate boxes,” the third one added.

A person expressed their disappointment while tweeting, “The game we all loved is ruined, such a terrible name. I’m in tears. The Bulls officially ended Staples Center, wow.” Another one demanded, “Just build a different arena please. Staples Center should become a historical landmark, especially for how much money it’s brought LA (& the country).” A tweet read, “IDC what they rename it to, it's always going to be staples, LA people don't even say the "center" part. Just like people still call @TheForum the Great western form…”