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What will be the primary source of funding for the new 76ers arena by end of 2025?
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Philadelphia•Cherelle Parker•Philadelphia 76ers•Center City•Wells Fargo Center•Chinatown•Save Chinatown Coalition•City Hall•City Council•Parker
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City funding • 25%
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Official announcements from the Philadelphia 76ers or the City of Philadelphia
Story
Philadelphia Reaches $1.3-$1.5 Billion Agreement with 76ers for New Center City Arena Amid Chinatown Opposition
Sep 18, 2024, 07:13 PM
Philadelphia Mayor Cherelle Parker announced that the city has reached an agreement with the Philadelphia 76ers to build a new arena in Center City. The proposed arena, which is expected to cost $1.3 billion to $1.5 billion, aims to keep the team in Philadelphia beyond their lease at the Wells Fargo Center, which ends after the 2030-31 season. The announcement has sparked opposition from Chinatown residents and leaders, who are concerned about the impact on their community. The Save Chinatown Coalition held a rally outside City Hall following the decision. The agreement is pending legislative approval from the City Council. Parker stated that she believes this is the right deal for the people of Philadelphia, and the 76ers expressed gratitude for the city's support.
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