After municipal approval, the team decided to stay at the Wells Fargo Center, where it already plays, and abandon the project
The Philadelphia 76ers have decided they will not move forward with their plan to build a new $1.3 billion arena downtown, opting to remain in the sports stadium district where the team already plays. The new space will house both the 76ers and the , both under the ownership of r. The information was initially released by and will be officially announced at a press conference scheduled for Monday (13 January 2025).
The 76ers’ lease at the Wells Fargo Center runs through 2031, and plans for the new downtown arena have been debated for 2 years. During this period, the possibility of building a new arena in New Jersey was also explored, an option that gained attention within the franchise.
The new arena will be the result of a 50-50 partnership between the 76ers and the Flyers, keeping the teams in the same district where the stadiums of the Philadelphia Eagles NFL and Philadelphia Phillies, MLB are already located. The 76ers currently use the Wells Fargo Center and derive limited revenue from the venue, primarily through ticket sales.
In December 2024, the Philadelphia City Council had approved a plan to build a $1.3 billion arena in the Center City area, but there was resistance from the community regarding the impact of the new arena. The change in plans also includes the continuation of real estate investments and projects in the Market East neighborhood in Center City, according to Sporty.
The partnership between Harris Blitzer Sports & Entertainment and Comcast Spectacor has intensified in recent weeks, with Comcast also serving as the 76ers’ local media partner through NBC Sports Philadelphia. The company recently secured NBA broadcast rights for its NBC and Peacock channels as part of a new 11-year deal valued at $77 billion that also includes ESPN and Amazon. Comcast also recently completed a $400 million renovation of the Wells Fargo Center, which opened in 1996.
WNBA expansion
Comcast will join the 76ers with a proposal to acquire an expansion team in the North American women’s basketball league. The league, which is in the process of expanding, hired Allen & Company to lead the process of adding a 16th team. The expansion fee is estimated at $100 million, plus additional costs to build a practice facility.
