The iconic STAPLES Center in Los Angeles is set to undergo a name change after bought the naming rights to the arena for a whopping $700,000,000.

It is reportedly the richest naming rights deal in sports history. News of the sudden rebrand was announced on Tuesday and the name change will go into effect by Christmas Day. As part of the new agreement, will reserve the naming rights to the arena for the next 20 years. Needless to say, L.A. sports fans aren’t too pleased about the change but officials are excited, sharing a mock-up of the new signage atop the arena.