New Downtown Arena Gets Corporate Sponsor

The new downtown basketball and hockey arena, slated to open in the fall 1999, was formally dedicated Monday as the Staples Center, named for the Massachusetts-based office supply store that will be the main corporate sponsor.

At a news conference held in the North Hall of the Los Angeles Convention Center, developers announced the $100-million naming rights deal with Staples. It will be a 20-year agreement, allowing the company to advertise in the highly desirable location, between two major freeways.

Developers and company officials, who have formed a nonprofit foundation, also announced a $1-million donation to a skid row arts program for elementary schoolchildren. The Inner City Arts program will receive the money to boost both its programs and the numbers of students who can take art and drama classes.

The Staples Center, the new home for the Lakers and Kings, is a $300-million project developed by the owners of the Kings. It is expected to also be an entertainment center--with awards shows, concerts and other events.

“This just changes the financial picture enormously,” said Lakers’ Executive Vice President Jerry West. “It’s a tremendous boon to teams.” Luxury seating already is being sold, with suites selling for about $220,000 a year.