Atlanta Hawks, State Farm reach agreement to rename arena

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Philips Arena in Atlanta is being renamed for State Farm after a $192.5 million renovation.

The Atlanta Hawks and the insurance company announced Wednesday they have reached a 20-year deal on the naming rights for the arena, which is currently in the final phase of its renovation. The arena is expected to reopen in October.

The Hawks had played in Philips Arena since its opening in 1999.

The new arena might be one of the smallest-capacity NBA venues with 17,600 seats.

Its amenities will include a new state-of-the-art video board system, which is three times larger than the current one along with 360-degree concourse, barbershop, fantasy golf area, club lounge and premium seating areas with couches and cabanas.

State Farm has one of its three regional hubs based in Dunwoody.

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