Lakers Extend Staples Center Lease Until 2041

National Basketball Association (NBA) team, the Los Angeles Lakers, have signed a long-term lease extension agreement with the owners of the Staples Center, Anschutz Entertainment Group (AEG).

The extension is for a 25-year lease and will keep Staples Center as the Lakers’ home until the 2041 season.

The deal also includes AEG and the Lakers confirming plans to make significant capital improvements and upgrades to the stadium.

Los Angeles Lakers governor, Jeanie Buss, said the team was excited to extend their partnership with AEG claiming it “ranks as one of the best arenas in the world to play and watch basketball.”

“The decision was made first and foremost with our fans and players in mind and AEG’s commitment to investing significant capital in the arena means that the Lakers will continue to play in one of the world’s premier venues,” Buss said.

“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,” she said.

On the extension AEG CEO and president, Dan Beckerman, said: “When we began developing [the] Staples Center 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.”

“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 Center remains the epicentre for sports and entertainment, delivering the most exciting events in the world,” he said.

The Staples Center also currently hosts basketball teams, the Los Angeles Clippers and the Los Angeles Sparks, as well as hockey team, the Los Angeles Kings.

However, by 2024 the Lakers will be the only NBA team at Staples Center as the Clippers plan to relocate to a new stadium in Inglewood following the expiration of their lease at the Staples Center.