The Los Angeles Lakers confirmed a new long-term lease agreement with AEG, owners of the team’s current home venue, the Staples Centre.
In addition to confirming the venue extension, AEG and the Lakers have also disclosed that they plan to cooperate on a range of capital improvements and upgrades to the arena, which can host up to 18,997 for Lakers fixtures.
As a result of the contract extension, the venue will continue to host Lakers home games until the conclusion of the 2041 season. The initial 25 year lease agreement was initially due to expire following the 2024/25 campaign.
“We are excited to extend our partnership with AEG. Staples Centre ranks as one of the best arenas in the world to play and watch basketball and we are thrilled to be able to call it home for another two decades,” said Jeanie Buss, Governor, Los Angeles Lakers.
“The decision was made first and foremost with our fans and players in mind and AEG’s commitment to invest significant capital in the arena means that the Lakes will continue to play in one of the world’s premier venues.
“From the very beginning, AEG proved to be more than just the best arena operators in our industry, and on a daily basis they continue demonstrating why they are the best partner an organization could ask for.”
The Lakers has played its home games at the venue since 1999, during which time the franchise has won six National Basketball Association (NBA) championships, having secured its 17th title last season, a league record. The 25 year lease agreement was initially due to expire following the 2024/25 season.
Lee Zeidman, President of the Staples Centre, detailed that the planned restorations to the venue mean that ‘the best is yet to come,’ whilst Dan Beckerman, CEO and President of AEG, stated that the investments would ensure that the Staples Centre would remain an ‘epicenter for sports and entertainment’.
Beckerman remarked: “When we began developing Staples Centre, AEG had a singular goal — to create a showplace venue that would become the heart of sports in Los Angeles, home to the best franchises, events and fans.
“There is no doubt that our partnership with the Buss Family and the Lakers solidified the arena’s legendary status from the beginning and brought some of the most memorable moments in sports and entertainment history to fans.
“We look forward to another 20 years of our successful partnership with the Lakers and believe that the investments we are making will ensure that Staples Centre remains the epicentre for sports and entertainment, delivering the most exciting events in the world.”
In addition to hosting the Lakers, the Staples Centre is also the home area for fellow NBA team and cross-city rival, the Los Angeles Clippers, as well as the Los Angeles Kings of the National Hockey League (NHL).
