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The Los Angeles Lakers signed a long-term extension with the Anschutz Entertainment Group to remain at Staples Center through 2041.

The agreement essentially keeps the Lakers in the arena for 20 more seasons, and ends any chance of the team departing to build its own facility when the team’s initial 25-year lease was slated to expire three seasons from now.

The agreement includes a commitment from AEG to make significant improvements and upgrades to the 22-year-old facility.

“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,” Lakers owner Jeanie Buss said in a new release. “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.”

The Lakers began playing in the building with the 1999-2000 season. The NBA’s Los Angeles Clippers currently play in the building but are working toward leaving for a new arena in Inglewood.

The Los Angeles Kings of the NHL and Los Angeles Sparks of the WNBA also use the facility.

Before moving into Staples Center, the Lakers played at The Forum in Inglewood for 32 seasons. In its heyday, the building was referred to as the “Fabulous Forum.”

-Field Level Media