76ers to Partner With Comcast on New Arena, WNBA Team Bid

The Philadelphia 76ers have dropped plans for a new arena in Center City and will instead partner with Comcast for a venue in the South Philadelphia Sports Complex, where the team currently plays. The new building will house the NBA team and NHL's Philadelphia Flyers, who are owned by Comcast Spectacor, according to a source familiar with the details who was not authorized to speak publicly. A press conference is scheduled for Monday to officially announce the plan.

Ernest Owens of Philadelphia magazine was the first to break the news.

The Sixers' current lease at Wells Fargo Center runs until 2031, and the team has spent two years laying the groundwork for a new NBA arena in downtown Philadelphia. It also explored building a new arena in New Jersey, which was "more real than people realized," according to a source.

The new building will keep the NHL and NBA teams in the same stadium district that also houses the NFL's Philadelphia Eagles and MLB's Philadelphia Phillies. The new arena will be a 50-50 partnership between the 76ers, who are owned by Josh Harris and David Blitzer, and the Flyers. The 76ers are currently a tenant at Wells Fargo Center and capture limited arena revenue outside of tickets.

In December, the Philadelphia city council approved the 76ers' plan for a $1.3 billion arena in the Center City section of the city, but there has been significant opposition to the plan regarding the disruption a new arena would bring. The Sixers still plan to make real estate developments and investments in Market East of Center City, per the source.




https://www.msn.com/en-us/sports/nba/76ers-to-partner-with-comcast-on-new-arena-wnba-team-bid/ar-BB1rkAS0