Hawks sign 20-year deal with new company, will change name of Philips Arena

ATLANTA — When you come to the former Philips Arena this fall, you will see State Farm's iconic red logo on top of it and throughout the venue.

Channel 2's Sports Director Zach Klein was the first in the country to break news that the Atlanta Hawks have signed a 20-year deal with State Farm to change the name of their home arena to State Farm Arena.

Sources told Klein the deal is worth more than $175 million.

State Farm is one of Georgia's top employers, with one of their three hubs in Dunwoody, employing 7,000 people.

"This is more than just a marketing opportunity. This is about how we can engage with the Hawks organization and community. It’s how we can engage with the Hawks organization in terms of what we do for the city," said State Farm Chairman and CEO Michael Tipsord.

The Hawks said this partnership will be about building stronger communities through mentorship and volunteering, and being a good neighbor as the company’s slogan says.

"We just couldn’t be more excited," said Atlanta Hawks principal owner Tony Ressler. "State Farm is an exceptional company. Committed to being a great member of the community."

RELATED STORIES:

But reaction to the name change has been mixed.

The Hawks had played in Philips Arena since its opening in 1999. Some fans like it, others aren’t so sure.

"Since 1999, we have known it as Philips Arena," said Hawks fan, Javonte Forbes.

State Farm Arena is nearing the completion of a near $200 million renovation, the second largest in NBA history.

This season marks the team’s 50th year in Atlanta.

Earlier this summer, the arena announced lower prices for its food and drinks.

Here is the “Fan friendly concession pricing”:

• $1 chips.
• $2 candy, pretzel's, bottled water.
• $3 fries, hot dogs, nachos.
• $4 pizza, bottomless popcorn, bottomless soda.
• $5 beer.

Cox Media Group