Hawks confirm that Philips Arena will get a new name

The consumer electronics firm that has held the naming rights for the Hawks' downtown arena since 1999 will not renew its deal.

The Atlanta Hawks have confirmed that reports that Philips, which owns the naming rights for the team’s downtown arena, will not renew the deal after it expires in June 2019.

That means that Philips Arena, which is undergoing a $193 million renovation, will soon have a new name.

Reports that Philips, a consumer electronics technology firm, would not renew the deal were published by Venues Today.

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The Hawks did not release any other details, other than Venues Today's report was accurate.

Philips purchased the rights to then-new arena in February 1999. Philips Arena replaced the Omni, and was built on the exact same footprint as the old facility.

RELATED | More than $190 million worth of renovations approved for Philips Arena

The original deal was a $185 million, 20-year sponsorship.