Philips Arena Gets A New Name

ATLANTA, GA — Philips Arena, the concert venue and home to the Atlanta Hawks currently undergoing a massive redevelopment, is getting a new name.

On its website Wednesday, the venue is now called State Farm Arena.

"Home to the NBA’s Atlanta Hawks Basketball Club, State Farm Arena opens its doors in October 2018 following the second largest renovation in NBA history," the site read. "Inspired by the fans, State Farm Arena is a next-generation venue focused on experience, service and entertainment."

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The arena and the insurance-industry giant announced late Wednesday morning that they have signed a 20-year naming-rights deal. The Atlanta Journal Constitution reported that the deal is worth $175 million.

With one of its three regional hubs based in Dunwoody, State Farm employs more than 6,000 people in metro Atlanta.

"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 CEO Michael Tipsord in a news release. "The Atlanta Hawks Basketball Club is well known for giving back in this community. Along with our Neighborhood of Good initiative, we’ll have new opportunities to invest in the local community."

Under the deal, State Farm "will join forces with the Hawks, displaying their iconic red logo and marks atop and throughout the best sports and live entertainment venue in Atlanta — the new State Farm Arena — and building new community engagement programs and philanthropic initiatives."

The insurance company also plans to "co-create impactful community initiatives and bolster existing community and social responsibility programs," according to the release.

"Our ownership group considers the Atlanta Hawks Basketball Club a community asset, and we are excited to have found a partner that shares our vision and has committed to working with us to expand on the community engagement and philanthropic initiatives we do that benefit the many communities that make up this great metropolitan area," said Tony Ressler, principal owner of the arena. "Generations will be positively impacted by the work we do throughout Georgia, and we could not be prouder to have the State Farm name on our new arena."

The news comes as the arena is nearing completion of a massive, $192.5 million renovation.

According to the release, the renovations will be complete in time for the start of the Hawks' season in October. Called the second-largest renovation in NBA history, it will include the NBA's third-largest center-hung scoreboard, an "immersive video experience," new sightlines and seating and more.

New attractions will include the Topgolf Swing Suites, Killer Mike's SWAG Shop (a 4-chair barbershop overlooking the court) and the NBA's first courtside bar, Hawks Bar. Perhaps taking a cue from nearby Mercedes-Benz Stadium, State Farm Arena will offer fan-friendly food pricing, with 12 popular food and beverage items priced at $5 or less.

Consistently ranked among the world's top concert venues, the arena hosts about 170 events per year, drawing nearly 2 million guests. Acts who have performed there include Drake, Elton John, Justin Timberlake, Pink, Shawn Mendes and Carrie Underwood.

Photo courtesy State Farm Arena