27 September (WNN) — The NBA’s Los Angeles Clippers on Monday announced another partnership that will help offset the cost of their new $1.2 billion arena.
The team said it is partnering with Southern California-based financial services company Aspiration in a deal valued at about $300 million.
Aspiration is an environmentally focused company and the deal is expected to enhance the team’s efforts to mitigate climate change.
Monday’s announcement comes just days after the Clippers announced that their new arena would be called Intuit Dome, after a naming rights deal was reported to be worth about $500 million.
Akanksha operates with an environmental focus and pledges not to invest any money in the fossil fuel industry. One of its investors is actor and climate activist Leonardo DiCaprio.
The Clippers have said they plan to make the new 18,000-seat arena 100% carbon-free and fully electric. The team took the field at the venue in Inglewood earlier this month. It is expected to open in time for the 2024-25 season.
“Aspiration and Shear are setting a new standard for social responsibility in sport by building a climate-positive zone first and committing to programs that drive change in the fight against climate change,” the team said in a statement.
“[We] We are also introducing the first ‘Planet Protection Fund’, which will give fans the opportunity to offset their own carbon impact when purchasing tickets.”
Since 1999, the Clippers have shared the Staples Center in downtown Los Angeles with rival Crosstown Lakers.