According to multiple reports that were issued on Wednesday morning, the Atlanta Hawks have signed a 20-year deal with State Farm in a move that will change the name of their home arena to State Farm Arena.

Via Chris Vivlamore of The Atlanta Journal-Constitution:

The Hawks and State Farm have reached an agreement on new Philips Arena naming rights, according to a report by WSB-TV Channel 2 Action News.

WSB-TV in Atlanta notes that the Hawks' new deal with State Farm is worth more than $175 million. The Hawks' previous deal with Philips, which was also set for 20 years, is set to expire next year.

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The franchise expected to make a formal announcement with regards to the sponsorship change later today, according to Vivlamore.

Atlanta's arena — home to the Hawks and Dream — has been going through a $192.5 million renovation over the last two years. However, work on that project is expected to be completed sometime in October, which means it should be ready for the upcoming season.

Atlanta finished the 2017-18 regular season with a 24-58 overall record, leaving the team with a 5th-place spot in the Southeast Division. Without a doubt, Atlanta is a team that will be looking for improvement.