Atlanta Hawks Sell Arena Naming Rights to State Farm for $175M

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The Atlanta Hawks have agreed to an arena naming rights deal with State Farm for $175 million over 20 years.

The venue, previously named Phillips Arena, has gone through $192.5 million in renovations over the past two years.

When the arena opened in 1999, Phillips signed a 20-year contract for the venue worth $185 million.

According to Forbes, the Atlanta Hawks are the 23rd highest-valued team in the NBA at $1.15 billion. Their roster currently ranks 29th of the 30 total teams in the league in total cash ($91,043,399).

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