Hawks Reach Arena Naming Rights Agreement With State Farm
The Hawks and State Farm have reached an agreement on new Philips Arena naming rights. The news was first reported by Channel 2 Action News and later confirmed by The Atlanta Journal-Constitution, per Chis Vivlamore.
The deal reportedly is for 20 years and worth $175 million for State Farm Arena. The terms were the same that Philips held with the franchise which was set to expire next year. An official announcement is expected 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.
What happened to Philips? They have largely exited the consumer electronics business in 2013 and transitioned to a health technology & lighting company with less need for an expensive sports naming-rights deal. The Hawks and Philips originally 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. It remains an upper-echelon deal for the Hawks 19 years later.
Wow, what a business move and change for the Hawks arena. Looking forward to the renovation as State Farm takes over the naming rights.