Philadelphia 76ers Managing Group Makes Major Arena Announcement

On Sunday, it was reported that the Philadelphia 76ers would no longer be moving forward with the downtown arena plan. Despite getting approval to begin working on a new arena outside of the South Philly complex, the Sixers are reversing their decision and going in a different direction.

On Monday, the Sixers’s Managing Group made a major announcement, confirming plans to build a brand new arena in South Philly. They have struck a partnership with Comcast Spectacor, the current owners of the Wells Fargo Center and the NHL’s Philadelphia Flyers.

“From the start, we envisioned a project that would be transformative for our city and deliver the type of experience our fans deserve. By coming together with Brian and Comcast, this partnership ensures Philadelphia will have two developments instead of one, creating more jobs and real, sustainable economic opportunity,” said Josh Harris, David Blitzer, and David Adelman.

Harris Blitzer Sports & Entertainment 🤝 Comcast Spectacor

Together, we are announcing a joint venture to build world-class arena in South Philadelphia as well as revitalize Market East. pic.twitter.com/8ZkZhaTBsS
— Philadelphia 76ers (@sixers) January 13, 2025

“We are grateful to Mayor Parker, Council President Johnson, Council Member Squilla, Governor Shapiro, our partners in labor and the many community and business leaders who supported us throughout this process. This is a massive win for our fans and for the city.”

NBA Commissioner Adam Silver chimed in with comments regarding the announcement.

“Today’s announcement is great news for the City of Philadelphia,” said Adam Silver. “I greatly appreciate the leadership of Mayor Parker and Governor Shapiro and the willingness of HBSE and Comcast to join forces, the result of which will be a world-class arena for 76ers and Flyers fans, with opportunities for more teams to come.”

Similar to the Wells Fargo Center, the new arena will be the home of the Flyers and Sixers while serving as a venue for major touring acts and other notable shows and events. The new arena could also become the new home of a potential WNBA expansion team.

With the league growing rapidly, Philadelphia has been noted as a city that could be in line for a new team in years to come. In the event HBSE gets an opportunity to add a WNBA team to their portfolio, Comcast could pick up a minority stake.

Along with going 50-50 on a new arena, HBSE and Comcast announced plans to “invest in the revitalization” of Market East in Center City, where the Sixers originally planned to build 76 Place.

“The partnership will create thousands of jobs, generate billions of dollars in economic activity for the city, region and state, and enhance commitments to create economic opportunity in neighborhoods across Philadelphia,” HBSE and Comcast stated.

By 2031, the two organizations plan to open up the doors to their new home.

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