Philips Arena will have a new look in the coming years when the Atlanta Hawks take the court.
The Hawks and the city of Atlanta announced on Monday that they agreed to renovate the arena, Chris Vivlamore of the Atlanta Journal-Constitution reported on Tuesday. Vivlamore noted the two sides were working on a potential agreement earlier in the year.
The Hawks shared a video on their Twitter page regarding the news:
Atlanta Mayor Kasim Reed reacted to the agreement, per J. Scott Trubey and Vivlamore of the Atlanta Journal-Constitution: "I am delighted to announce the city of Atlanta has agreed in principle for $192.5 million renovation of Philips Arena that will keep the Hawks in downtown Atlanta for many decades to come."
Vivlamore shared a number of the key parts of the deal, including the fact the city will provide $142.5 million of the $192.5 million, while the Hawks will cover the rest. What's more, the Hawks extended their lease 18 years, meaning they will play in the downtown Atlanta arena through 2046.
The renovations will start in the summer of 2017 and end before the 2018-19 campaign.
Despite the renovations, the Hawks will still play in Philips Arena next season.