The Philadelphia 76ers have abruptly cancelled plans for a new $1.3 billion Center City arena project and instead announced plans to play in a new stadium complex in South Philadelphia.
NBC Philadelphia reports Philadelphia Mayor Cherelle Parker led a press conference featuring NBA Commissioner Adam Silver and Comcast Chairman and CEO Brian Roberts to discuss this change of plans. The team’s owner, Harris Blitzer Sports & Entertainment, entered into a “binding agreement” with Comcast Spectacor for a “world-class, state-of-the-art arena” that will be the home of both the basketball team and hockey’s Philadelphia Flyers.
The new agreement will also provide Comcast with a minority stake in the 76ers, with the entities working together to attract a WNBA team to the city.
“Though plans have changed, the one thing that has not changed is our commitment to do something good for the Sixers, our fans and, most importantly, our city,” said 76ers co-owner David Adelman.
Mayor Parker acknowledged the change of plans was a “curveball that none of us saw coming” and admitted the shift will result in the loss of a $60 million community benefits agreement and a $1.3 billion private investment into Center City. Nonetheless, she insisted this was for the best, adding the city will honor its promise for a $20 million investment in affordable housing and other projects in the city’s Chinatown neighborhood that was part of the now-jettisoned plan.
“This opportunity is packed with potential,” Parker said.
The new arena is slated for a 2031 opening.
Photograph courtesy of Philadelphia 76ers
