State Farm Purchases Naming Rights to Atlanta Hawks Arena
Philips Arena in Atlanta is being renamed for State Farm after a $192.5 million renovation.
The Atlanta Hawks and the insurance company announced Aug. 29 they have reached a 20-year deal on naming rights for the arena, currently in the final phase of its renovation. The arena is expected to reopen in October as the Hawks celebrate their 50th year in Atlanta.
A person with knowledge of the negotiations said the agreed amount for the arena name change is around $200 million. The person spoke on condition of anonymity, citing a lack of authorization to discuss financial terms.
The Hawks had played in Philips Arena since its opening in 1999 after Dutch Royal Philips Electronics purchased the naming rights.
The State Farm red logo will be displayed at the top of the arena, which might be one of the smallest-capacity NBA venues with 17,600 seats. Its amenities will include a new state-of-the-art video board system, along with rapper Killer Mike’s barbershop, Zack Brown’s BBQ restaurant, a fantasy golf area, club lounge and premium seating areas.
State Farm has one of its three regional hubs based in Dunwoody.
“This decision symbolizes our pledge to making a difference in communities, building our brand locally and nationally, and ultimately growing State Farm,” said State Farm Chairman and Chief Executive Officer Michael Tipsord.