ATLANTA -- The Atlanta Hawks Basketball Club and the City of Atlanta today announced that they have reached an agreement on key terms for a $192.5 million renovation of Philips Arena. Mayor Kasim Reed committed to provide $142.5 million in funds, with the Hawks funding the remainder, to improve the city-owned facility in order to revitalize the arena as a basketball-first, world-class venue that hosts approximately 170 events annually. The Hawks committed to an 18-year lease extension to remain in downtown Atlanta through 2046.
“When our group became owners almost a year and a half ago, we pledged to work diligently with the City of Atlanta to ensure that the Club remained downtown.