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Hawks, State Farm ink one of richest naming rights deals in NBA

Welcome to downtown Atlanta, Jake. Now trade in those khakis for something torch red and volt green.

The home of the Atlanta Hawks will bear a new name when it reopens this fall following one of the most expensive renovations in NBA history: State Farm Arena.

Officials from the basketball team and the insurance giant — which has a growing footprint in the Atlanta area — announced their new 20-year, $175 million naming rights deal with much pomp and circumstance on Wednesday.

That makes it one of the most expensive arena naming rights deals in professional basketball.