Looks like the NBA champions are staying put—for a very long time. The L.A. Times exclusively reported on details surrounding the L.A. Lakers lease extension with the Staples Center, which will keep the team in the famed arena until 2041.
The agreement includes a commitment to spend “nine figures” on capital improvements and upgrades throughout the arena. The Times notes that while no construction details have been announced, changes may focus on creating spaces where people can gather away from their seats. Per the L.A Times, a team official said renovations were key to the extension, as was a desire to remain downtown.
The team’s home at the Staples Center has long been a huge plus for Downtown L.A., bringing in tons of business before and after games, while also elevating the immediate area around the arena. The article notes that the Lakers, however, do not share in any of Staples Center’s corporate sponsorships, parking or food and beverage revenues.
L.A.’s other NBA team, the Los Angeles Clippers, had previously announced their departure from their Staples Center, as the team builds it’s own arena in Inglewood.