ATLANTA (CelebrityAccess) The Atlanta Hawks and State Farm insurance have reached an agreement to rename the team’s arena after the completion of a $192.5 million renovation.
The NBA team and State Farm announced yesterday they have reached a 20-year naming rights agreement for the arena, currently in the final phase of its renovation. The arena is expected to reopen in October. The reopening will coincide with the Hawks celebrating their 50th year in the city.
The agreement is worth around $200 million, a person with knowledge of the situation told the Associated Press.
The State Farm red logo will be displayed atop the building, which will now include amenities like Killer Mike’s barbershop, Zac Brown’s BBQ restaurant, a fantasy golf area and a club lounge.
“It’s going to be a social place unlike anywhere else in the NBA,” Hawks CEO Steve Koonin said in a recent interview with the AP. “All of our research told us that people don’t want to sit down in a chair eating a hot dog out of aluminum foil and watch a game. They want a great night out. … Think Vegas pool meets sporting event.”