The Los Angeles Lakers have extended their lease at Staples Center with owner AEG for 20 years through 2041. 

The agreement includes a commitment to spend “nine figures” on capital improvements and upgrades throughout the 22-year-old arena.

“Location, location, location,” said Tim Harris, president of business for the franchise. “We’re in the heart of L.A. and the infrastructure is building up all around us.”

The Los Angeles Clippers will soon leave Staples Center for a new arena in Inglewood, which could allow the remaining teams to expand their locker rooms. 

AEG's Philip Anschutz controls 27 percent of the team with the Buss family owning 66 percent. 

Staples Center has the size and flexibility to adapt as it sits on approximately 1 million square feet of land, compared to about 500,000 or 600,000 square feet for arenas built in the 1980s.