Co-Founder & Executive Chairman, Ares Management Corporation
Atlanta Hawks Owner Tony Ressler Talks State Farm Arena, Bringing a Championship to Atlanta & More
On Wednesday August 29th, the Atlanta Hawks made a huge announcement that will change the entertainment in downtown Atlanta for years to come. During a special press conference, the Hawks announced that the former Philips Arena is now State Farm Arena.
The Atlanta Hawks Basketball Club and State Farm announced a 20-year collaboration that will benefit the Atlanta metropolitan area aimed at building stronger communities through mentorship, volunteerism and the principle of being a good neighbor. A nationally-renowned company and one of Georgia’s top employers, State Farm will join forces with...
About Antony Ressler
Antony Ressler, co-founder and executive chairman of Ares Management, has discussed the growth of private markets and the firm's performance. At Ares Investor Day 2024, he stated that the company's market value and fee-related earnings grew tenfold over the prior decade, and assets under management increased five- to sixfold. He attributed this to consistent performance, disciplined investing, and a collaborative culture, adding that he expects private markets to grow faster than traditional markets across corporate, asset-backed, real estate, and infrastructure classes globally. Ressler has also spoken about the sports industry as a growing asset class, describing it as a "two-and-a-half to three trillion dollar" market. As principal owner of the Atlanta Hawks, he has emphasized plans to redevelop downtown Atlanta around the team's arena, stating that creating a "live, work and play" environment is good for business and the metro region. He has also commented on the economy, noting that low interest rates for an extended period contributed to high asset prices, and that the U.S. economy was "going about as well as we could hope for" in 2018, while expressing caution about inflation and the accumulation of debt in less visible markets.
Transcript (16 segments)
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Antony Ressler0:14
Four years ago we crafted the mantra 'True to Atlanta,' and the idea has been an incredible lens for us to look through and address our business. Our building will open 52 days from today, and it features True to Atlanta icons like Killer Mike's Swag Shop, the first barber shop ever opened inside a sports arena. Zac Brown, another huge Atlanta artist, is building his 20,000 square-foot social. Tico Pizza, Junior's Cricket Wings, which were memorialized in the show Atlanta, Old Lady Gate Top Golf, and more will all resonate because all of them return to Atlanta.
Now we believe that we now have a building partner in State Farm who epitomizes what True to Atlanta means. When we met with the management of State Farm, and thank you all for being here, it was obvious that their significant investment, combined with their values of being a force of good in the communities they serve, makes them True to Atlanta and a perfect partner for us to make this city better.
I would like to thank Philips for 19 years of partnership, and I also want to thank Mayor Bottoms not only for her leadership of our city but also all the work that she has done to help with our Atlanta transformation. Without her, we wouldn't be 52 days from a dream fulfilled.
I also want to thank Octagon Sports who has done an incredible job, by Dale Song and Amy Abacus, as our partners and emissaries in putting this relationship together and bringing this idea to fruition. And I also want to thank our team, all of the collaborators and contributors at our company, the Hawks, and State Farm who worked together to make this day possible. On our side, we were led by Michael Drake, Jennifer Evans, and our Chief Revenue Officer.
And then wait, these guys are both... but you can tell right away. Thank you all for coming. Everyone here on stage, we're going to take some more pictures, etc. But thank you all for coming and welcome to State Farm Arena.
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Terrell Summers3:18
Terrell Summers, we're in downtown Atlanta right now, and I'm right in the mix with the man of the hour, the owner of the Atlanta Hawks, Tony Ressler. How you feeling today, sir?
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Antony Ressler3:27
I'm feeling better today than I did yesterday, I gotta say. Really good. We're excited about this.
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Terrell Summers3:30
Now, big announcement was just made. It will no longer be Philips Arena. It's moving to the next generation and a new phase in the Atlanta Hawks franchise. It'll now be State Farm Arena. Talk to me about the process and how you narrowed it down to partner with State Farm.
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Antony Ressler3:43
Well, let's face it, what we're doing here is building for the future, and we were looking for a partner that would be as committed to the community, to metro Atlanta, as we are. And we found one in State Farm, so we couldn't be more delighted. You know, there are some naming partners that are just naming parties. We were looking for more, and in State Farm, we got pretty lucky. So we feel great. We know we have a partner in really communicating to the community and being a part of the community, so we couldn't be more delighted.
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Terrell Summers4:15
We'll have some pretty good stuff here. It's already a great lineup. Little kick-off, Jermaine Dupri will be coming here in town before the Mavericks actually come here. You can take on our Hawks in October. What all entities that will be in Philips Arena, what are you looking forward to the most?
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Antony Ressler4:26
Well, let's face it, so we're not ready for that today, but we're gonna be contenders, and that's what we're focused on. Because all that stuff I described to you is great, but without a championship, it's just average.
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Terrell Summers4:48
As you mentioned, we love the passion that you're bringing and winning a championship. That's something very new here in Atlanta. The sports culture is growing here in Atlanta with things like Trae Young, bringing investors like Vince Carter. What are your expectations for the team's season?
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Antony Ressler5:02
Well, we're gonna have a lot of players and some veteran players. We're looking to be competitive every night. We're looking to play with effort, and we'll see, as they say. I'm trying to walk before I run.
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Terrell Summers5:24
A team on the court every game. Before the Super Bowl will come to town in about a couple months, it'll be happening. Where do you plan on having any festivities? Those two here at the new State Farm Arena?
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Antony Ressler5:35
Oh yeah, there's a whole bunch of pre and post opening. I've got a heck of a number of dates, and a little bit over my pay grade. I'm not sure how many concerts and shows we have set up already, but it's going to be literally starting, I guess, October 20th.
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Terrell Summers5:56
Exciting. Thank you for everything you're doing.