Clippers extend Staples Center lease

LOS ANGELES -- The Los Angeles Clippers will remain in Los Angeles and at Staples Center for at least the next 10 years.

The Clippers agreed to a 10-year extension of their Staples Center lease Tuesday, the team and AEG, owner and operator of the arena announced. Terms of the agreement were not released.

"We are very excited about our present and our future at Staples Center," Clippers' President Andy Roeser said. "It is indeed an honor to benefit from the sustained stability that accompanies being part of the greatest venue in the NBA, and we are glad to provide this state of the art backdrop to our deserving and loyal fan base."

Under the new agreement, which becomes effective at end of the 2012-13 season, the franchise will continue to call the arena their home through June 2024, a period of 25 years.

"Donald Sterling, Andy Roeser and the entire Clippers organization have been not just great partners but a huge part of the success of Staples Center," said AEG president and CEO Tim Leiweke "Their contributions have served to make this unique three team anchor tenant relationship both mutually successful as well as mutually beneficial. We are happy for their many achievements and are proud to call them our partners and friends."