NBA: State Farm (insurance) obtains the naming rights to the Atlanta Hawks' Arena ($175m/20 years)

State Farm, an American insurance company, has obtained the naming of the rights of the Arena (17,600 capacity, formerly the Philips Arena) home of the Atlanta Hawks (NBA), for the next 20 years (2018-2038), according to the NBA franchise on 29/08/2018. The value of the agreement would be $175m (€146m) or $8.75m (€7.3m) per year according to US media. Headquartered in Atlanta, GA, State Farm is the succeeds the Dutch technology and appliance company Philips, which has been the naming rights holder of the Philips Arena since 1999-00.

The announcement comes as the Hawks' Arena is undergoing an $192.5m (€164.8m on 31/08/2018) renovation. "Fans will get their first opportunity to enter the new State Farm Arena on Saturday, 20/10/2018 with the 'Welcome to the Neighborhood' Open House Party, a free, public event inviting fans to experience the new venue," said the company on its State Farm Arena website.

The State Farm logo will be displayed on the front of the stadium. "Its amenities will include a new state-of-the-art video board system, three times larger than the current one, along…