Official financial disclosures or announcements from the Philadelphia 76ers or Comcast Spectacor

76ers Strike New Arena Deal with Comcast Spectacor to Stay in South Philadelphia

Jan 12, 2025, 06:15 PM

The Philadelphia 76ers have abandoned their plans to build a new $1.3 billion arena in Center City Philadelphia, opting instead to remain in South Philadelphia. The team has reached an agreement with Comcast Spectacor, the owner of the Philadelphia Flyers and the Wells Fargo Center, to construct a new arena at the South Philadelphia Sports Complex. This decision comes just weeks after the Philadelphia City Council approved legislation that would have allowed the Center City arena project to move forward. The reversal of plans has been influenced by discussions involving NBA Commissioner Adam Silver, NFL Commissioner Roger Goodell, and Comcast President Brian Roberts. The new agreement also includes a commitment to revitalize the Market East corridor in Center City, though specific details of this development are yet to be disclosed. The decision to stay in South Philadelphia ends a contentious debate that had lasted over two years, involving opposition from community groups, particularly those in Chinatown, and support from local unions and city officials. Comcast Spectacor's broader plan involves a $2.5 billion redevelopment of the area, which includes the demolition of the Wells Fargo Center. The new arena will be a 50-50 partnership between the 76ers and the Flyers, with the aim to be ready for the 2031-32 NBA season.