Atlanta Hawks, State Farm reach agreement to rename arena
ATLANTA — Philips Arena in Atlanta is being renamed for State Farm after a $192.5 million renovation.
The Atlanta Hawks and the insurance company announced Wednesday 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.