The Los Angeles Lakers are staying at Staples Center for the long term, it was announced Thursday.
The NBA champions and the arena's owner, AEG, said in a joint statement Thursday that they have signed a lease extension under which the Lakers will continue to call the downtown LA arena home for 20 more years, through the 2041 season.
The extension includes promises of "a wide array of significant capital improvements and upgrades," the statement said.
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"We are excited to extend our partnership with AEG. Staples Center 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, the Lakers owner.
"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."
Added Dan Beckerman, CEO and president of AEG: "When we began developing 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 epicenter for sports and entertainment, delivering the most exciting events in the world."
The Clippers -- currently co-tenants at Staples Center -- are building an arena of their own in Inglewood. Their eventual exit from Staples Center should allow for expansion of locker-room facilities for the Lakers, the NHL's LA Kings and the WNBA's LA Sparks.
No construction details have yet been disclosed.