The Hawks and State Farm have "reached an agreement on new Philips Arena naming rights" in which the venue will be renamed State Farm Arena, according to Chris Vivlamore of the ATLANTA JOURNAL-CONSTITUTION. The deal reportedly is for 20 years and worth $175M. The 20-year term is 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 $192.5M 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' upcoming season. Philips "largely exited the consumer electronics business" in '13 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, $185M deal before the arena opened in '99 (AJC.com, 8/29). Hawks Chief Revenue Officer Andrew Saltzman and Senior VP Michael Drake took the lead on the new partnership, working closely with the State Farm exec team and their agency, Optimum Sports (Mike Sunnucks, Staff Writer).
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TOP NBA ARENA NAMING-RIGHTS DEALS (TOTAL VALUE)
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VENUE
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TOTAL VALUE
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YEARS
|
EXPIRES
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Scotiabank Arena
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$639M
|
20
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'38
|
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Chase Center
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$400M
|
20
|
'40
|
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Barclays Center
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$200M
|
20
|
'32
|
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American Airlines Center
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$195M
|
30
|
'30
|
|
State Farm Arena
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$175M
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20
|
'38
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