Financial services company State Farm has taken on naming rights to a second major league arena in the space of a week after agreeing a deal to sponsor the home stadium of NFL team the Arizona Cardinals.

The Cardinals’ University of Phoenix Stadium will now be known as State Farm Stadium as part of an 18-year agreement. Financial terms of the deal were not disclosed.

The deal comes after State Farm last week acquired naming rights to Philips Arena, home of NBA basketball team the Atlanta Hawks. The 20-year deal will be worth a reported $175m and will see the facility change its name to State Farm Arena.

The Cardinals have spent the last two years investing in upgrades at the newly-named stadium, which is due to host its third Super Bowl in 2023. The University of Phoenix had held naming rights to the stadium since it opened in 2006.

State Farm has been a Cardinals partner for more than a decade and team president Michael Bidwill said discussions regarding a naming-rights deal seriously began in the spring.

The Cardinals have sold out every single game they have played since moving to State Farm Stadium, a run that covers 126 fixtures heading into the 2018 regular season.

Image: Bernard Gagnon