The Philadelphia 76ers and Comcast Spectacor have reached a deal to allow the team to remain in South Philadelphia after more than two years of posturing, planning, and protesting about being a new 76 Place arena in Center City, writes Laura Swartz for Philadelphia Magazine.
The deal includes a 50-50 partnership between Comcast Spectacor and Harris Blitzer Sports & Entertainment on a new South Philadelphia arena, which will be home to both the Sixers and the Philadelphia Flyers.
“This new arena will complement other exciting developments in the area, including Comcast Spectacor’s and the Philadelphia Phillies’ plans to create the country’s top sports and entertainment district.” Comcast Spectacor chairman and CEO Dan Hilferty said in a statement.
While the arena is currently planned to open in 2031, the two entities have teased that the timeline could potentially be moved up.
In addition, Comcast will be getting naming rights of the new arena while taking a minority stake in the Sixers.
When talks began about building a new arena in Center City, the idea was to revitalize Market East, which they say remain a goal as part of this new venture.
Read more about the Comcast and Sixers’ partnership and what that means for the city at Philadelphia Magazine.
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