ATLANTA (CelebrityAccess) — Atlanta’s Philips Arena will be seeking a new naming rights partner for the venue after their current deal with the Netherlands-based technology company expires following the 2018-19 NBA season.
According to a report in Venues Today, Philips has decided to take a pass on renewing their naming rights agreement at the venue, which has bourn the Philips brand since they acquired rights to the then-new arena in 1999.
Philips, formerly a widely-recognized name in consumer electronics, has narrowed its focus on recent years to health technology and lighting, with less need for high profile naming rights sponsorship.
A rep from Philips declined to comment on the future of their deal with the Atlanta Hawks, told the Atlanta Journal-Constitution that they had a contract in place through 2019 but declined to speculate on future contracts.
However, a rep for the Atlanta Hawks confirmed to local NBC affiliate WXIA that Philips was not planning to renew. The original deal was worth $185 million with a 20-year-term, WXIA reported.
The arena, which is now almost 20 years old, is currently undergoing $193 million renovation includes new VIP suites, new food & beverage options, updated facility technology, including high-definition screens both in the bowl and concourse, and a new, first-of-its-kind courtside bar.