Since 1999, the Atlanta Hawks have played their home games in Philips Arena. However, the team’s 20-year agreement with Philips for the arena naming rights is set to come to an end after the upcoming 2018-2019 season and Zach Klein of WSB-TV brought word on Wednesday that a new partnership has been secured. The report indicates that Philips Arena will be renamed as State Farm Arena and the price tag is said to be “worth more than $175 million” over a 20-year period.
Later, the Hawks formally announced a “generational collaboration to transform the city of Atlanta” and the name change to take place beginning with the 2018-19 season. While further details will be revealed at a press conference on Wednesday afternoon, the team’s announcement referred to State Farm Arena as the “new home of the Hawks” and indicated that the venue “will open its doors following the completion of the $192.5 million-dollar renovation” in October.
“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. “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.”
While the timing was not necessarily expected, it comes as no surprise that the Hawks would secure a replacement sponsor on the heels of the Philips contract. In February, the Atlanta Journal-Constitution reported that a new name was expected after the 20-year, $185 million contract with Philips expired and, despite the early arrival of the deal (the original pact with Philips ran through 2019), it makes sense that the Hawks would want to open their newly renovated building under a new umbrella.
Stay tuned for more information as it becomes available.