State Farm buys naming rights to Atlanta arena for $175M

Aug. 29--BLOOMINGTON -- Philips Arena in Atlanta, home of the Atlanta Hawks NBA team, will be called State Farm Arena after the Bloomington-based insurer announced Wednesday that a 20-year naming rights agreement reportedly worth $175 million has been reached.

"This decision symbolizes our pledge to making a difference in communities, building our brand locally and nationally, and ultimately growing State Farm," State Farm Chairman and Chief Executive Officer Michael Tipsord said in an emailed statement.

"The Atlanta Hawks Basketball Club is well known for giving back in this community. Along with our Neighborhood of Good initiative, we'll have new opportunities to invest in the local community."

The $175 million figure is being reported by media in the Atlanta area.

With one of its three regional hubs based in Dunwoody, Ga., an Atlanta suburb, State Farm is an active member of the local community, employing around 7,000 people -- more than 6,000 of them located in the metro area, the company said.

"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 (State Farm executive) Rand Harbert for their leadership and commitment to this exceptional collaboration," said Hawks principal owner Tony Ressler.

The deal, said Tipsord, means the company and the Hawks "will co-create impactful community initiatives and bolster existing community and social responsibility programs."

The insurance giant prides itself on activating its workforce in the communities where they live, the company said, noting that in the past four years, State Farm staff has volunteered more than two million hours in their respective communities.

State Farm Arena will open its doors following completion of a $192.5 million renovation, the second largest in NBA history, and in time to celebrate the team's 50th year in Atlanta in October, the company said.

The arena will feature the third-largest center-hung scoreboard in the NBA, new sight lines with 360-degree concourses and new seating and venue entertainment options, said State Farm.

"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," said Ressler.

Fans will get their first opportunity to enter the new venue on Oct. 20 with a free "Welcome to the Neighborhood" open house party.

Contact Maria Nagle at (309) 820-3244. Follow her on Twitter: @Pg_Nagle

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