Atlanta Hawks renaming Philips to State Farm Arena

ATLANTA - Atlanta's Philips Arena now has a new name. 

Wednesday, officials announced the new State Farm Arena as the home to the Atlanta Hawks for the next 20 years. 

State Farm Arena will open its doors following the completion of the $192.5 million dollar renovation, the second largest in NBA history. The new arena will feature the third largest center-hung scoreboard in the NBA and most "immersive" video experience. It will also feature first-of-its-kind in-venue entertainment options with Topgolf Swing Suites. 

The new arena will open in time to celebrate the team's 50th year in Atlanta in October.

“This decision symbolizes our pledge to making a difference in communities, building our brand locally and nationally, and ultimately growing State Farm,” said State Farm Chairman and Chief Executive Officer Michael Tipsord. “The Atlanta Hawks Basketball Club is well known for giving back in this community. Along with our Neighborhood of Good initiative, we’ll have new opportunities to invest in the local community.”

Fans will get their first opportunity to visit the new State Farm Arena on Saturday, October 20, with the "Welcome to the Neighborhood" open house party, which is free and open to the public. 

The Hawks and State Farm will make an official announcement at a news conference at 2:30 p.m. Wednesday.