Philips Arena has changed its name to State Farm Arena after the Atlanta Hawks NBA team signed a wide-ranging deal with financial services company State Farm.

The Hawks and State Farm yesterday (Wednesday) announced a 20-year collaboration that will seek to transform the city of Atlanta through community initiatives such as mentorship and volunteerism.

State Farm will take on naming rights to the 18,000-seat arena from Dutch electronics company Philips, which had sponsored the arena since it opened in 1999.

According to the Atlanta Journal-Constitution, State Farm’s deal with the Hawks will be worth $175m. State Farm’s iconic red logo will now be placed atop and throughout the arena as part of the deal.

The Hawks’ principal owner Tony Ressler said: “Our ownership group considers the Atlanta Hawks Basketball Club a community asset, and we are excited to have found a partner that shares our vision and has committed to working with us to expand on the community engagement and philanthropic initiatives we do that benefit the many communities that make up this great metropolitan area. 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.”

State Farm chairman and chief executive Michael Tipsord added: “This decision symbolises our pledge to making a difference in communities, building our brand locally and nationally, and ultimately growing State Farm. 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 newly-named State Farm Arena has undergone extensive renovation work over the past two years. The arena will reopen in October following the completion of the $192.5m renovation, which has included the installation of the NBA’s third largest centre-hung scoreboard, new sightlines with 360-degree concourses and new seating, Topgolf Swing Suites, a four-chair barbershop overlooking the court and the Hawks Bar, which the team claims is the first courtside bar in the NBA. Fan-friendly food pricing has also been introduced.

As well as serving as the home of the Hawks, the arena stages a range of music concerts, with Drake, Elton John, Justin Timberlake, P!nk, Shawn Mendes and Carrie Underwood all set to perform at the venue when it reopens.

Image: Mike Gonzalez