UPDATED 11:15 a.m. | State Farm has secured naming rights for another sports venue.
Philips Arena, home of the NBA's Atlanta Hawks, will become State Farm Arena after a $192.5 million renovation. The team's first preseason game in the renamed arena is Oct. 1.
State Farm has around 6,000 employees in metro Atlanta. The city has one of three regional hubs for the Bloomington-based insurer.
“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 a statement Wednesday. “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 20-year deal is reportedly worth $175 million, according to the Atlanta Journal-Constitution and Channel 2 Action News in Atlanta. A State Farm spokesperson would not confirm that figure.
"We can share that this opportunity is a result of our efforts to better align some of our existing marketing spend with our brand messaging and our commitment to the neighborhoods we serve," said State Farm spokesperson Jim Camoriano. "By refocusing the ways we spend our existing marketing budget, we’re able to enter this relationship without spending any additional money."
The arena hosts around 160 events and nearly 2 million guests annually.
“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 Hawks principal owner Tony Ressler.
Assembly Hall in Champaign was renamed the State Farm Center in 2013.
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