The Atlanta Hawks have agreed to an arena naming rights deal with State Farm worth $175 million over 20 years.

The venue was previously called Philips Arena. The Hawks and Philips signed a 20-year, $185-million deal before the arena opened in 1999.

The arena has undergone an extensive $192.5 million renovation in multiple phases over the past two years. 

State Farm has been one of the NBA's biggest commercial partners for several years.