Hawks reach arena naming rights agreement with State Farm


The Hawks and State Farm have reached an agreement on new naming rights for Philips Arena.

The deal will be for 20 years for the facility, which will be named State Farm Arena. That term was the same that Philips held with the franchise which was set to expire next year. The deal is for $175 million as first reported by Channel 2 Action News and confirmed by The Atlanta Journal-Constitution. The deal was announced Wednesday and a press conference is scheduled for later today.

The arena has undergone an extensive $192.5 million renovation in multiple phases over the past two years. The work is scheduled to be completed in October and will be ready for the Hawks 2018-19 regular season.

At a Hawks event earlier this month, in which renovations to the arena were discussed, CEO Steve Koonin did not refer to the building as Philips Arena specifically.

“We are honored to work with State Farm, one of the nation’s most recognizable and civic-minded organizations and want to thank Michael Tipsord and Rand Harbert for their leadership and commitment to this exceptional collaboration,” said Principal Owner Tony Ressler in a statement. “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. 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.”

Philips largely exited the consumer electronics business in 2013 and has transitioned to a health technology and lighting company with less need for an expensive sports naming-rights deal. The Hawks and Philips signed a 20-year, $185-million deal before the arena opened in 1999. It was among the largest naming-rights deals in U.S. sports at the time, and 19 years later it remains an upper-echelon deal for the Hawks.

- AJC staff writer Tim Tucker contributed to this article.


Reader Comments ...


Next Up in Atlanta Hawks

Jeremy Lin looking to stay healthy in first season with Hawks
Jeremy Lin looking to stay healthy in first season with Hawks

Stay healthy. It’s really that simple. After playing in just 37 games over the past two seasons, new Hawks guard Jeremy Lin isn’t setting any concrete goals for the 2018-19 NBA season except for the lone priority. Acquired in a trade from the Nets in July, Lin played 25 minutes and scored 18 points in last season’s opener when he...
Hawks (lengthy) draft pick summary
Hawks (lengthy) draft pick summary

As the Hawks continue their rebuild, general manager Travis Schlenk reminded again that the team could have as many as three first-round draft picks next season. The team added Trae Young, Kevin Huerter and Omari Spellman in the 2018 draft and all could make an impact this season with the start of training camp on Tuesday. The Hawks could also have...
Hawks add Hamilton, Spellman to training camp injury list
Hawks add Hamilton, Spellman to training camp injury list

The Hawks added two more players to their injury list with Daniel Hamilton and Omari Spellman to miss the start of training camp. Hamilton, a guard/forward, injured his shoulder earlier this month. An MRI exam on Sept. 11 revealed a tear in his right rotator cuff. Hamilton will pursue an non-surgical treatment plan and has already begun an on-court...
No move from power forward for Hawks’ Collins
No move from power forward for Hawks’ Collins

John Collins has been a power forward much of his basketball career. It appears he will remain in the role as he begins his second NBA season with the Hawks. Under head coach Mike Budenholzer, the power forward and center were described as interchangeable positions as there was an emphasis on spacing and the 3-point shot. With new head coach Lloyd...
Lin progressing; Pierce won’t name starting point guard
Lin progressing; Pierce won’t name starting point guard

Lloyd Pierce smiled at the attempt to tip his hand. The Hawks coach is not saying who will be the team’s starting point guard when the 2018-19 NBA season begins. Or perhaps he doesn’t know yet. On the roster are veteran Jeremy Lin and first-round draft pick Trae Young. Lin is coming back from a ruptured patella tendon of the right knee...
More Stories