Hawks' stadium renamed State Farm Arena

The Atlanta Hawks and State Farm announced a 20-year partnership on Wednesday that, among other initiatives, will rename Philips Arena as State Farm Arena beginning this season.

The current name has been used since the building, which cost $213.5 million to build, opened in 1999. The arena is currently finishing up a $192.5 million renovation -- the second-largest in NBA history -- that includes the league's third-largest center-hung screen as well as new amenities such as Topgolf Swing Suites and a four-chair barbershop overlooking the court.

Per a press release, the collaboration between the Hawks and State Farm will also benefit the Atlanta metropolitan area through community engagement programs and philanthropic initiatives.

"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," Hawks owner Tony Ressler said in a statement.

"This decision symbolizes our pledge to making a difference in communities, building our brand locally and nationally, and ultimately growing State Farm," State Farm chairman and CEO Michael Tipsord added in a statement.

The Bloomington, Ill., based company has a regional hub based in Dunwoody, Ga., a northern suburb of Atlanta.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)