STATE FARM BUYS NAMING RIGHTS TO RENOVATED ATLANTA HAWKS ARENA

US property/casualty group State Farm has reached a 20-year deal to acquire the naming rights to the newly refurbished arena of the Atlanta Hawks franchise of the National Basketball Association. The Associated Press, citing an unidentified source, reported that the deal is valued at around $200m. The arena is scheduled to reopen in October as the Hawks embark on their 50th year in Atlanta. The team has played in the former Philips Arena since its 1999 opening when the naming rights were held by Dutch Royal Philips Electronics.