State Farm And The Atlanta Hawks Ink 20-Year, $175 Million Naming Rights Deal
The Atlanta Hawks will be rebranding Philips Arena to the State Farm Arena. It marks the end of a 20-year, $185 million naming rights deal between the Hawks and Philips along with the beginning of a brand new massive arrangement for the Hawks with State Farm.
It is believed that the new naming rights deal signed by the Hawks and State Farm is for a term of 20-years and $175 million.
The total amount to be received by the Hawks by way of the naming rights deal will almost cover the full cost of the franchise’s $192.5 million renovation of the arena that is expected to be ready for the start of the 2018-19 NBA regular season.
When it opens, the new State Farm Arena will feature the third-largest center-court scoreboard in the NBA and fan-friendly food pricing with twelve food and beverage items priced at $5 of less. The team also recently teamed up with Spotify in the offseason for a special NBA schedule music platlist.
State Farm says that it is a good fit for the Hawks, as it currently employs roughly 6,000 people located in metro Atlanta. It promises to work with the Hawks to co-create community initatives and add to existing community and social responsibility programs.