Renovations are being made to the LA28 basketball venue ©Getty Images

The venue that has been selected to stage the basketball and wheelchair basketball competitions at Los Angeles 2028 is set to receive upgrades over the next two years.

Anschutz Entertainment Group (AEG) officials, owners of the facility, announced plans to invest millions into improving the Arena, which opened in 1999 under the name Staples Center.

These renovations include light-emitting diode screens and ribbon boards, advancing the concourse levels and developing the arena's dining.

A "refresh" to the locker room facilities are also expected.

Another plan is to connect the LA Live area to the 20,000-seat arena with an outdoor gathering space.

According to the Los Angeles Times, this would involve removing the street between the venue and LA Live to enable builders to construct a tree-lined public plaza and a glass-walled club, known as the "Tunnel Club", where guests can watch players come out of the locker room.

" Arena is part of the fabric of Los Angeles, and we are incredibly proud of the role it continues to play in creating some of the most memorable moments in sports and entertainment," Dan Beckerman, the President and chief executive of AEG, said in a statement.

"Since its opening, we have invested hundreds of millions of dollars to ensure that the venue remains state-of-the-art, while consistently creating a world-class event and fan experience.

"The investment in these renovations demonstrates the ongoing commitment of AEG, the Lakers and the Kings to deliver the best experiences for all of our fans, partners, artists and teams."

The renovations are scheduled to be finished greatly in advance of the 2028 Olympic and Paralympic Games.

Many of the projects are set to be finished towards the end of 2024 while several improvements are actually planned to be ready in time for the start of the next National Basketball League (NBA) and National Hockey League (NHL) seasons.

Both competitions are due to start next month.

The Arena is the home to three basketball franchises, the Los Angeles Lakers and the Los Angeles Clippers from the NBA, and the Women's National Basketball Association's Los Angeles Sparks.

The Clippers are anticipated to move out of the stadium for the under construction 18,000-seat Intuit Dome in 2024, which is when their lease expires.

NHL's Los Angeles Kings also utilise the venue for their home fixtures.

Los Angeles has held the Olympics twice before, first in 1932 and then again in 1984.