After spending $192.5m on renovating their stadium, the Atlanta Hawks will recoup almost all the investment after agreeing a naming-rights deal with insurance company State Farm, worth $175m.
The partnership is for 20 years, the same term as the Hawks’ naming-rights deal with Philips, which was set to expire next year.
Renovations at the State Farm Arena – which include the third largest centre-hung scoreboard in the NBA and the league’s first courtside bar – are scheduled to be completed in October and will be ready for the Hawks’ 2018-19 regular season, the team’s 50th year in Atlanta.
The Hawks are following the Falcons by introducing fan-friendly concessions at the revamped stadium, with price cuts of up to 50 per cent, including $5 beer.
State Farm is one of Georgia’s top employers, with one of its three regional hubs based in Dunwoody, an Atlanta suburb.